Gold lost its luster on Friday, as prices targeted their worst church since November following the strength of the dollar. Gold lost its luster on Friday, as prices targeted their worst church since November following the strength of the dollar as the Russia-Ukraine conflict continues to escalate.
But the deep volatility theme held all week as the increase in bets towards the safe haven has helped the dollar hurt the price of billions worldwide.
Local gold decreased by 0.5 percent to about $ 1,9300 per ounce, while the future of US gold decreased by 0.5 percent to about $ 1,930. “These – gold and dollar – are rigid, topic-driven markets, so we can see a lot of action throughout the day on both sides,” said Craig Erlam, a senior market analyst at OANDA, Reuters, adding significant progress in Russia. weekly gold.
Gold lost more than 2.5 percent this week, with markets scrambling to recover prices in the US Federal Reserve after a major bank speculation based on dots showing policymakers putting pencils on a six-point rise this year. Gold is often used for fencing in times of economic crisis and high levels of inflation. However, high interest rates and the expected interest rate differences between the US and some of its peers are expected to keep the dollar bid going well.
While the yellow metal is recovering somewhat after the Fed said it had raised borrowing costs as expected, the central bank has acknowledged the risk of inflation as concerns over oil availability remain in the growing Russia-Ukraine conflict. “Gold will always be well grounded. With the need for safe havens and inflation fences still strong, ”said Mr Erlam, we can see through the purchase of dips.
Spot palladium has risen by more than 2 percent to about $ 2,570 per ounce but was set for a weekly fall of about 9 percent as fears about the Russian supermarket’s supply chain also plummeted. At the same time, China’s goal of tackling COVID-19, which has a small impact on the economy and people’s lives, as well as the promise of renewal, has put palladium bulls on the table, said Matt Simpson, a major market analyst at City Index.
This follows several instances of volatile price action in which platinum, palladium and precious metals plummeted to levels of technical support after sharp circles.
