Gold Down, UAE Comments Induce Drop in Oil and Improved Risk Sentiment By Investing.com


© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia. Investors retreated from the safe-haven yellow metal as US Treasury yields rose and oil fell after).

edged down 0.11% to $1,986.10 by 11:42 PM ET (4:42 AM GMT), after falling 1% earlier in the session.

The yellow metal pulled back about 3% in the previous session, the worst daily decline since January 2021, and halted a rally that took it near a record high hit in August 2020. The benchmark rose for a third consecutive day on Wednesday, with inflation remaining a concern even as oil prices fell.

On the data front, the US will release its consumer price index later in the day, with the US Federal Reserve also due to hand down its latest policy decision on Mar. 16. Across the Atlantic, the European Central Bank will also hand down its own policy decision later in the day.

Commodity prices cooled their rally on Wednesday. This rally saw record multi-year highs as markets digested supply disruption from Russia and Ukraine, two major producers of energy, metals, and crops. However, the conflict stemming from Russia’s invasion of Ukraine on Feb. 24 continues.

The US is also urging fellow oil producers to increase production if possible. The UAE and Saudi Arabia are two of the few Organizations of the Petroleum Exporting Countries and allies (OPEC+) members with the capacity to do so.

In other precious metals, palladium fell 1.1% to $2,904.04 per ounce. The metal, used in catalytic converters to curb emissions, climbed to a record high of $3,440.76 on Monday. This was driven by fears of supply disruptions from Russia, a top producer. Silver fell 0.9% and platinum fell 1.1% to $1,065.14.

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 for loss or damage as a result of reliance on the information including data, quotes, liability 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.



Source link

Powered by BeaconSites