Gold futures were positive on Tuesday (April 26) after falling sharply in recent days. Concerns about the global economic outlook and the war in Ukraine continue, and the sharp decline in U.S. equity markets also helped to promote safe haven buying.
- The gold futures were up $8.1, or 0.43%, at $1,904.1 per ounce.
- Silver was down 12.6 cents, or 0.53%, at $23.544 an ounce.
- The platinum contract was up $7.1, or 0.78%, at $912.1 per ounce.
- The palladium futures rose $56.40, or 2.65 percent, to close at $2,178.50 an ounce.
The gold contract has reached the $ 1,900 mark again after a sharp decline last Friday and at the beginning of the week. Fed Chairman Jerome Powell’s comments on interest rate policy led to sell-offs in the paper gold market. In addition, concerns about the global economic outlook prompted investors to buy gold as a safe haven.
Investors are concerned that the global economy may weaken due to the impact of the protracted war between Russia and Ukraine. In addition, the Shanghai lockdown has been ongoing for weeks and authorities are likely to order a lockdown in Beijing to contain the spread of COVID-19
Gold futures also gained momentum as the 10-year U.S. Treasury bond yield fell to 2.8%.
In addition, the sharp decline in U.S. equity markets is another factor that has supported gold buying. The Dow fell by more than 800 points overnight and the Nasdaq by more than 500 points.
The Spot Market is Open
Wednesday, April 27, 2022