Gold rises amid haven demand but outlook appears bearish
Central banks are making moves to tighten monetary policy and raising interest rates are also bearish for gold: source
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Gold was trading higher in early Asian trading, with concerns of elevated U.S. inflation driving demand for the safe-haven asset, DailyFX.com analyst Thomas Westwater said in a note.
GOLD 'IMPORTANT' SAFE HAVEN TO CONSIDER: MARKET EXPERT
However, "while inflation is at more than 40-year highs, forward expectations are beginning to ease. This will likely weigh on bullion prices," he said.
Gold prices were higher in early Asian trading Monday, April 18, 2022, with concerns of elevated U.S. inflation driving demand for the safe-haven asset. (REUTERS/Mike Segar (UNITED STATES) / Reuters Photos)
Central banks are making moves to tighten monetary policy and raising interest rates are also bearish for gold, as it is a non-interest-bearing asset, Westwater added.
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Spot gold is 0.6% higher at $1,985.49 a troy ounce.