Gold Declines as a Rising Dollar Saps Demand [29-03-2022]

Gold dropped as a rising dollar sapped demand for the haven asset. A gauge of the dollar climbed to the highest in more than a week, while yields on two-year Treasuries surged as much as 14 basis points earlier to lead increases across the curve. Higher rates reduce the appeal of non-interest-bearing gold.

Wall Street banks increasingly expect the Federal Reserve to raise interest rates more aggressively than policymakers are projecting, with Citigroup Inc. economists now seeing four straight half-point moves amid persistent inflation. 

Weaker gold price can be attributed “on the one hand to the U.S. dollar, which is continuing to appreciate,” said Daniel Briesemann, an analyst at Commerzbank AG. “And on the other hand, bond yields are climbing further.”

Bullion is still up more than 5% this year as Russia’s war in Ukraine boosts demand for havens and holdings in exchange-traded funds backed by the metal rose for a 10th straight week. In-person talks between Ukrainian and Russian negotiating teams will resume this week, officials said.

Spot gold fell 1.3% to $1,933.96 an ounce as of 1:58 p.m. in New York. Bullion for June delivery slipped 0.8% to settle at $1,944.70 on the Comex. Silver and platinum also declined. Palladium slid as much as 7% to its lowest in two months. 

  • Hedge Fund Managers Cut Net Bullish Gold Bets to 5-Week Low
  • Bank of Russia Says All Gold Reserves Are Stored in Country
  • U.S. Targets Russia’s Giant Stash of Gold in New Sanctions

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