Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Up over Weakening U.S. Dollar on Softening Inflation Expectations

Commodities Jun 28, 2022 05:48
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Zhang Mengying

Investing.com – Gold was down on Tuesday morning in Asia as the U.S. dollar weakened on softening inflation expectations.

Gold futures inched up 0.12% to $1,826.95 by 12:45 AM ET (4:45 AM GMT). The dollar, which normally moves inversely to gold, edged up on Wednesday morning. Softening inflation expectations prompted a reassessment of the prospects for aggressive interest rate hikes.

Benchmark U.S. 10-year Treasury yields steadied, keeping bullion gains in check.

As a way to tighten the sanctions on Russia over its invasion of Ukraine, the U.S., UK, Japan, and Canada also plan to announce a ban on new gold imports from Russia during the G7 summit.

The European Central Bank (ECB) President Christine Lagarde, U.S. Federal Reserve Chair Jerome Powell, the Bank of England Governor Andrew Bailey, and Cleveland Fed President Loretta Mester are due to speak at the ECB event this Wednesday.

U.S. core durable goods orders data which measures the total value of new orders for long-lasting manufactured goods increased 0.7% in May, pointing to sustained strength in business spending on equipment, but the rising interest rate could slow the momentum.

In the Asia Pacific, Hong Kong’s official data Monday showed that China’s net gold imports through Hong Kong rose 58.3% in May month-on-month as COVID-19 curbs eased in major cities.

In other precious metals, silver inched down 0.02%. Platinum inched up 0.01% while palladium climbed 0.94%.

Gold Up over Weakening U.S. Dollar on Softening Inflation Expectations
 

Related Articles

Ukraine and Russia: What you need to know right now
Ukraine and Russia: What you need to know right now By Reuters - Aug 09, 2022 52

(Reuters) - Ukraine's president called on the West to impose a blanket travel ban on Russians, an idea that has found support among some EU member states but angered Moscow which...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Tamer Jad
Tamer Jad Jun 28, 2022 6:59
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it mean gold will fly up sir
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email