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Gold Down, Dollar Strengths as Russia’s Invasion of Ukraine Intensifies -Breaking

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© Reuters.

By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia as the U.S. dollar strengthens.

By 10:39PM ET (3:39 GMT), they were down 0.2% at $1,938.75 In February, the yellow metal rose 6.5% to $1,938.75, a new 18-month record. Inching up 0.4% was the dollar, which moves in an opposite direction to gold.

As the war on Ukraine intensifies, investors are increasingly flocking to assets that can be used as a safe haven. Russia advised Kyiv residents that they should flee their homes and Russian commanders increased the bombardment on Ukrainian cities.

Late Tuesday’s U.S. 10-year benchmark yield rose to 1.75488% from 1.711%. In the face of rising inflation and tensions in Ukraine, investors are worried about the U.S. Federal Reserve’s aggressive interest rate increases over the coming months.

Investors also await Fed Chairman Jerome Powell’s testimony before the U.S. Congress on Wednesday and Thursday for more clues on interest rate hikes.

SPDR Gold Trust, (P:), the holdings of the largest exchange-traded gold fund that is gold-backed, rose 1.3% Tuesday to 1,042.38 tonnes, their highest level since July 2021.

You can also find other precious metals. After reaching a 7-month high of $2722.79 Tuesday, palladium gained 1.2%. Russia is the biggest producer of palladium, with Moscow-based Nornickel accounting for 40% of the metal’s global mine production last year.

The silver price dropped 0.9% while the platinum value rose 0.1%.

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