Overnight Market Review (2022.6.9) Before the release of U.S. inflation data, U.S. bond yields and the U.S. dollar rose, limiting the gains in gold prices, while U.S. stocks fell and oil prices rose sharply.
Global gold markets: Gold prices rose on Tuesday as the dollar gave up some of its gains, with gold futures closing up 0.5% at $1,852.10. Global Gold Markets: Gold edged up on Wednesday as concerns over economic growth boosted its safe-haven appeal ahead of U.S. inflation data that could provide guidance on the Federal Reserve’s rate hike schedule. Gold futures were up 0.2% at $1,856.50 an ounce.
At noon in Asian markets on Thursday, gold futures prices settled around $1,850, with rising U.S. Treasury yields restraining gold prices, while investors were in a wait-and-see mood ahead of the release of U.S. employment and inflation data.
U.S. inflation data for May will be released on Friday (June 10). The market expects that the overall and core CPI of the United States are expected to rise by 8.3% and 5.9% year-on-year respectively in May. The prospect of aggressive rate hikes by the Fed is hard to shake.
Michael Langford, director of corporate consulting firm AirGuide, said: “The current market is full of uncertainty, and the price of gold has maintained a range-bound pattern in the short term. However, since April, the price of gold has been on a downward trend.”
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