Business News Asia
Gold futures closed higher on Monday (February 28), reflecting continued uncertainty among the population due to rising inflation and the Ukraine situation.
- The gold futures were up $13.1, or 0.69%, at $1,900.7 per ounce.
- Silver futures were up 34.9 cents, or 1.45%, at $24.366 an ounce.
- The platinum contract was down $11.4, or 1.09%, at $1,038.7 per ounce.
- Palladium was up $138.90, or 5.9%, at $2,504.60 an ounce.
Tensions between Russia and Ukraine remain worrisome, although delegations from both sides yesterday held direct talks to resolve the conflict. But until now, unable to reach a mutual ceasefire agreement.
The next round of talks will take place in the coming days on the border between Belarus and Poland.
The Russian government has banned airlines from 36 countries, including carriers from the United Kingdom, Germany, Spain, Italy and Canada, in response to sanctions imposed on Russia by Western countries following the attack on Ukraine by Russian forces.
Moreover, the markets look ahead to President Joe Biden’s annual policy statement, tomorrow in front of Congress (March 1).
Biden’s speech to Congress is the first annual policy statement to the U.S. Senate and House of Representatives. It will attract global attention in the midst of the crisis in Ukraine.
Federal Reserve Chairman Jerome Powell will deliver a semiannual statement to Congress on March 2-3 on monetary policy and the state of the U.S. economy.
It could be the last public comment on monetary policy before the Fed likely begins raising rates after its March 15-16 meeting.
The Monetary Policy Statement will indicate the direction of U.S. interest rates this year against the background of inflation, which has reached its highest level in 40 years, and whether the crisis in Ukraine will affect the Fed’s monetary policy.
Gold futures also received support when the yield on the 10-year U.S. Treasury bond fell to 1.868%.
The Spot Market is Open
Tuesday, March 1, 2022