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  4. Gold Steady After Biggest Weekly Drop Since June on Fed Liftoff
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Gold Steady After Biggest Weekly Drop Since June on Fed Liftoff

(Bloomberg) -- Gold was steady in Asian trading -- after its biggest weekly drop since June -- as investors weighed monetary policy tightening in the U.S. against the impact of the...
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Gold Steady After Biggest Weekly Drop Since June on Fed Liftoff © Bloomberg. Freshly cast 12,5 kilogram gold ingots in the foundry at the JSC Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, on Monday, July 12, 2021. Gold headed for its second decline in three sessions as strength in the dollar and equities diminished demand for the metal as an alternative asset. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) -- Gold was steady in Asian trading -- after its biggest weekly drop since June -- as investors weighed monetary policy tightening in the U.S. against the impact of the Russia-Ukraine war.

Bullion traded around $1,919 an ounce after falling 3.4% last week as the Federal Reserve raised interest rates for the first time since 2018.

The Fed will need to raise borrowing costs higher than officials are currently projecting -- to 4% to 5% -- if it’s to wrestle inflation back under control, former U.S. Treasury Secretary Lawrence Summers said. Elevated interest rates typically weigh on non-interest bearing gold. Chair Jerome Powell will address the annual meeting of the National Association for Business Economics Monday.

China’s one-year loan prime rate, the de facto benchmark lending rate, will also be watched closely for signs of central bank easing after top leaders pledged measures to boost Asia’s largest economy.

Traders are also weighing mixed messages on the war in Ukraine. Turkey said Moscow and Kyiv are close to an agreement on key points, while a top Ukrainian aide said Russia had turned to “more destructive artillery.” Ukraine, meanwhile, rejected a Russian demand to surrender of the embattled southern port city of Mariupol. Gold -- a haven asset -- has been aided by the conflict.

Spot gold declined 0.1% to $1,920.65 an ounce as of 8:56 a.m. in Singapore. The Bloomberg Dollar Spot Index rose 0.1%. Silver and palladium were steady, while platinum edged higher.

©2022 Bloomberg L.P.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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$2,285.72-47.5-2.04%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
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USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
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