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Bloomberg
Gold steadied near the lowest in more than nine months in the run-up to US inflation data this week that’s set to shape the magnitude of the Federal Reserve’s next rate hike.
Investors concerned about the prospect of a global economic downturn have turned in droves to the greenback, which is already up more than 2% this month. That’s capped gold, despite support from an easing in US Treasury yields.
Gold has ridden a roller-coaster this year as Russia’s invasion of Ukraine spurred a rally in the haven to well above $2,000 an ounce in March, only for the momentum to fade as the growth and inflation outlook shifted. In recent weeks, investors have cut holdings in bullion-backed exchange-traded funds.
Spot gold edged up 0.1% at $1,735.15 an ounce at 10:15 am in London, after earlier falling to as little as $1,723.32, the lowest intraday price since September 30. The Bloomberg Dollar Spot Index was 0.3% higher, as spot silver, platinum and palladium retreated.