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Gold Up, Dollar Continues to Strengthen

Published 12/07/2022, 04:40
Updated 12/07/2022, 04:40
© Reuters.

© Reuters.

By Zhang Mengying

Investing.com – Gold was up on Tuesday morning in Asia, but moves were small as the U.S. dollar continued to strengthen to its highest level in 20 years.

Gold futures inched up 0.04% to $1,732.45 by 11:37 PM ET (3:37 AM GMT). Gold prices dropped to their lowest level since Sept. 30 of $1,730.42 per ounce during the previous session.

The dollar, which normally moves inversely to gold, gained on Wednesday morning.

Benchmark U.S. 10-year Treasury yields steadied after a dip on Monday.

U.S. equities fell on Monday as investors look to monthly inflation data for more clues on U.S. Federal Reserve’s interest rate hike path, which is due on Wednesday.

Fed Bank of Atlanta President Raphael Bostic said the U.S. economy can cope with higher interest rates and reiterated his support for another interest rate hike this month.

Elsewhere, Eurozone finance ministers said on Monday that the fight against inflation was the current priority although it might slow the economic growth.

In other precious metals, silver was down 0.67%. Platinum fell 1.16% while palladium eased 1.56%.

Latest comments

While commodity prices are down sharply over padt 6 weeks, the benefit of this has not translated into lower food and fuel prices. European Finance ministers need to focus ensuring full transmission of the lower commodity prices to the consumers to bring down inflation.
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