Gold flat; strong US jobs report weighs, but Ukraine war supports
Gold futures posted a weekly loss of more than 1%, with prices pressured by a rise in Treasury yields
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Gold was flat in early Asian trading.
GAS PRICES TREND LOWER FOLLOWING PETROLEUM RESERVE RELEASE
The precious metal is weighed by a strong U.S. jobs report, which "strengthened the Fed's case to use aggressive rate hikes to tame inflation," boosting Treasury yields and the U.S. dollar at the expense of bullion, ANZ reported.
Gold was flat in early Asian trading on Monday, April 4, 2022. (iStock / iStock)
However, the ongoing Russian invasion of Ukraine boost is boosting demand for safe-haven assets like gold, ANZ added. Secondary effects of the war, such as inflation, are also supportive, it said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOL | NO DATA AVAILABLE | - | - | - |
| GC1 | NO DATA AVAILABLE | - | - | - |
Gold futures posted a weekly loss of more than 1%, with prices pressured by a rise in Treasury yields on the heels of a climb in U.S. March employment and wages.
Spot gold is flitting between positive and negative, last flat at $1,924.55 an ounce.
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Meanwhile, gold COMEX for June was higher by $5.80 to $1,929.50 an ounce.