Gold futures closed higher on Thursday (April 7) after two consecutive days of lower gold prices. The uncertain economic outlook in the U.S. and Europe remains a theme among investors, keeping gold in demand.
- The gold contract was up $14.7, or 0.76%, at $1,937.8 an ounce.
- Silver futures were up 27.7 cents, or 1.13%, at $24.735 an ounce.
- The platinum was up $4.9, or 0.51%, at $958 per ounce.
- The palladium futures were up $38.40, or 1.8%, at $2,223.10 an ounce.
Fighting in Ukraine enters its second month as peace talks drag on. The situation remains obscure, with both sides, the West and Russia, communicating only their own views to the population.
According to the latest report, the United Nations General Assembly (UNGA) voted to revoke Russia’s membership in the Human Rights Council in response to the Russian military invasion of Ukraine. The intrusion and the acts are considered, “A serious and systematic violation of human rights“
The G20 finance ministers and central bank chiefs who will attend the April 20 meeting have also reportedly decided not to issue joint statements after the meeting. The controversy over Russia’s invitation to the meeting was crucial to the decision .
Indonesia will host the G20 meeting online. It is expected to invite Russian representatives to the meeting.
The release of the FOMC meeting minutes has confirmed what Fed officials have already said, namely that the Fed is in favor of a rapid tightening of monetary policy. This is to combat rising inflation, which is expected to rise even further. Tighter monetary policy is also seen as critical because it is expected that the markets and the economy could experience a downturn.
The Spot Market is Open
Friday, April 8, 2022