top of page
  • Writer's pictureanalysiswatch

Title: Gold Down, Set For Second Consecutive Monthly Loss as Dollar Strengthens

May 30, 2022 11:18PM ET

By: AnalysisWatch

Gold was down on Tuesday morning in Asia. A stronger dollar and rising US Treasury yields weighed on demand for the yellow metal, which is priced in US currency and is on track to make its second consecutive monthly loss for the first time since March 2021.

At 11:13 p.m. ET, gold futures were up 0.17 percent to $1,854.20 and down about 2.6 percent for the month, the largest drop since September 2021. dollar, which normally moves inversely against gold, was up on Tuesday.

The US Federal Reserve should be prepared to raise interest rates by half a percentage point at each meeting from now until inflation has moderated decisively, Fed Governor Christopher Waller said on Monday.

Waller's colleagues, New York Fed chief John Williams and St. Louis Fed chief James Bullard, will speak at separate events on Wednesday. Cleveland Fed chief Loretta Mester will discuss the economic outlook a day later.

The Fed is set to begin reducing its $8.9 trillion balance sheet and publish its Beige Book on Wednesday.

US President Joe Biden will also meet with Fed chief Jerome Powell later in the day.

On the data front, the US jobs report, including non-farm payrolls, is due on Friday.

Investors also digested Chinese data released earlier in the day, which showed the May 2022 manufacturing PMI at 49.6, while the non-manufacturing PMI was 47.8.

In other precious metals, silver fell 0.7% and has fallen about 4.1% so far this month. Platinum fell 0.8% but is still on track for its first monthly gain in three at around 2.1%. Palladium fell 0.2% to $2,029.61 and has dropped approximately 12.6% this month, the most since November 2021.

0 views0 comments
bottom of page