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  • Writer's pictureanalysiswatch

Title: Gold range-bound as markets eye Ukraine crisis, Fed policy stance

Mar 24, 2022 04:11AM ET

By: AnalysisWatch

Gold prices were range-bound on Thursday as markets remained cautious in light of the Russia-Ukraine conflict and ahead of US inflation data that could provide new information on the Federal Reserve's stance.

Spot gold was trading at $1,943.33 an ounce at 11:40 PM ET. U.S. gold futures were 0.3% stronger at $1,942.40.

Investors remained cautious in assessing the outlook for U.S. interest rates and awaited the weekly U.S. jobless claims, a measure of the country's economic health, due to be released at 8:30 a.m. EDT.

Ukraine's leader called for support and solidarity on Thursday, a month after Russia launched its invasion.

Gold prices hit near-record highs at the start of the month but then gradually weakened ahead of a key U.S. Federal Reserve meeting last week. Since then, gold prices have settled into a more stable range.

Yields on 10-year U.S. Treasury notes reached their highest level in nearly three years on Wednesday, raising the opportunity cost of owning zero-yielding gold bullion.

Holdings of the world's largest gold exchange-traded fund, the SPDR Gold Trust, rose 0.4% to 1,087.66 tonnes on Wednesday, the most since February 26, 2021.

Spot silver XAG increased 0.1% to $25.08 per ounce, while platinum XPT fell 0.5% to $1,015.24 and palladium XPD increased 0.6% to $2,526.52.

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