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Gold Up, but Remains Flat as Fed Seeks to Temper Interest Rate Hike Fears -Breaking

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© Reuters

By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia, remaining flat as investors’ risk appetites improve. The U.S. Federal Reserve tried to mitigate fears about hawkish interest rate hikes, which countered increasing demand for safe-haven assets spurred by Russia’s invasion of Ukraine on Feb. 24.

They were at $1,928.80 (up 0.34%) by 11:25 ET (4:25 GMT)

Russia continues to advance into Ukraine, with the latter’s second-biggest city, Kharkiv, suffering heavy bombardment on Wednesday. A large majority of United Nations voters condemned the invasion.

The largest attack against a European country since 1945 caused thousands to flee Ukraine. The string of sanctions imposed on Russia has fuelled fears about an even wider West-West conflict. U.S. announced the latest round of sanctions, banning certain refinery technologies from being exported to Russia. This makes it difficult for Russia’s oil refineries to be modernized.

Jerome Powell, Fed chairman, stated that the central bank will begin to raise interest rates “carefully” at the upcoming meeting in late March. He said that the central bank will be ready to act more aggressively in case inflation doesn’t cool down as fast as anticipated.

U.S. stock shares rose and the benchmark rose on Wednesday after the comments.

The minutes of the February European Central Bank meeting will be released by the European Central Bank later that day.

Asia Pacific released their earlier, which was 50.2 in February 2022. Japan released their, 44.2.

Other precious metals: Palladium dropped 1.3% to $2.633.65, following Tuesday’s $2.722.79 record. This was its highest point since July 2021. Both silver and platinum fell 0.4%.

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