Gold Down Against Rising U.S. Treasury Yields, Ahead of Fed Policy Decision By

© Reuters.

By Gina Lee – Gold was down on Wednesday morning in Asia against rising U.S. Treasury yields. Investors also await the U.S. Federal Reserve’s for further clues on the direction of the central bank’s monetary policy.

were down 0.44% to $1,770.95 by 12:32 AM ET (4:32 AM GMT). The , which usually moves inversely to gold, inched up on Wednesday.

The Fed will hand down its decision later in the day. Investors will also monitor U.S. President Joe Biden’s address to a joint session of Congress on the same day for clues on further stimulus measures.

The also rose to 121.7, a 14-month high, in April. Increasing COVID-19 vaccination rates and additional fiscal stimulus measures, allowing more business to reopen, also contributed to a stronger economic recovery.

In Asia, Japan’s rose 5.2% in March year-on-year, the fastest pace in five months. The figure was higher than both the 4.7% increase in forecasts prepared by and February’s 1.5% contraction.

The rosier economic outlook saw investors turn away from the safe-haven yellow metal.

On the COVID-19 front, the in dealing with the latter’s record numbers of COVID-19 cases, which topped 17.6 million cases as of Apr. 28, according to Johns Hopkins University data.

In other precious metals, silver fell 0.9% and platinum slid 1%, while palladium eased after hitting a record high of $2,941 on Monday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by :

Source link

Capital Media

Read Previous

Airbnb hosts, Uber drivers and waiters who are more politically conservative get slightly higher ratings and tips

Read Next

Fed to Stay Patient as U.S. Outlook Improves: Decision-Day Guide By Bloomberg