London, (Business News Report)|| Gold prices have remain stable prices during trading on Tuesday, at a time when US bond yields rose to their highest levels in years.
The rise in US bond yields comes as the Federal Reserve Chairman takes a decisive stance on inflation.
The escalation of the conflict between Russia and Ukraine supported the demand for gold, which is considered a safe haven.
Spot gold prices settled at $1,936.03 per ounce by 0605 GMT.
US gold futures rose 0.5 percent to $1938.80 an ounce.
US Federal Reserve Chairman Jerome Powell indicated that the central bank will raise interest rates more than expected if necessary to reduce inflation, which has risen to very high levels, according to Reuters.
Yields on 10-year US bonds jumped above 2.3 percent for the first time since May 2019.
The price of palladium, used in the auto industry, fell 0.4 percent to $2574.04 an ounce.
The price of silver in spot transactions rose 0.5 percent to $25.33 an ounce, and platinum rose 0.2 percent to $1039.46 an ounce.
In a related context, the US dollar rose against a basket of major currencies, following comments from Federal Reserve Chairman Jerome Powell that opened the door for the US central bank to go on a more tightened path of monetary policy.
The greenback fluctuated between small gains and losses, on Monday, and weakened slightly after Atlanta Federal Reserve Bank President Rafael Bostik said he expects six interest increases this year and two in 2023, a less hawkish stance than most of his colleagues, because he has concerns about the repercussions of the war. Between Russia and Ukraine on the US economy.
But the dollar rose after Powell said the Federal Reserve must act urgently to control high inflation and that it would use larger-than-usual increases in interest rates to do so if necessary.
The Fed raised its key interest rate by 25 basis points last week as it sought to combat sharp price hikes.
Investors are now focused on the potential speed and size of future rate increases.
