The Magazine for Asian Investors
Gold futures closed almost 2% higher on Thursday (March 17), driven by the weakening dollar and the fact that the U.S. Federal Reserve (Fed) did not raise interest rates as much as investors had feared. Meanwhile, investors are watching the progress of peace talks between Russia and Ukraine.
- The gold futures were up $34, or 1.78%, at $1,943.2 per ounce.
- Silver futures were up 90.6 cents, or 3.67%, at $25.616 an ounce.
- Platinum was up $23.2, or 2.3%, at $1,031.3 an ounce.
- Palladium was up $124.70, or 5.3%, at $2,492 an ounce.
The dollar index fell 0.66% against the six major currencies of a basket of currencies to 97.9740, which boosted the gold market.
Jeff Clearman, a corporate analyst at GraniteShares, said gold markets were turning positive as the Fed raised short-term interest rates by 0.25%. Investors had been worried that the Fed might raise rates by 0.50%.
In addition, higher inflation in Europe and the U.S. is also a factor encouraging the purchase of gold as a safe haven.
Investors continue to monitor the peace talks between Russia and Ukraine. As reported by the Bloomberg news agency, Kremlin spokesman Dmitry Peskov denied media reports that the peace talks between Russia and Ukraine had made great progress and that both parties were close to an agreement
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Friday, March 18, 2022