{"id":217608,"date":"2022-01-21T15:00:17","date_gmt":"2022-01-21T15:00:17","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=217608"},"modified":"2022-01-21T13:47:08","modified_gmt":"2022-01-21T13:47:08","slug":"gold-prices-16","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gold-prices-16\/","title":{"rendered":"Inflation pushes gold prices to two-month high"},"content":{"rendered":"

London, (Business News Report) –<\/strong> Gold prices witnessed their highest levels in two months, in light of high inflation rates and investors’ speculations.<\/p>\n

Also, the intense selling in the bond market came to a halt as US stocks continued to decline.<\/p>\n

President Joe Biden called on the Federal Reserve to complement it work by reining in the fastest rate of inflation in decades, and support the central bank’s plans to scale back monetary stimulus.<\/p>\n

Gold prices<\/h2>\n

The yield on 10-year Treasuries has fallen from its highest level since January 2020, while the S&P 500 is down 1%.<\/p>\n

Notably, geopolitical tensions support the demand for safe haven assets. Biden said he believed Vladimir Putin would “intervene” in Ukraine after amassing more than 100,000 troops on the country’s border.<\/p>\n

Although he indicated that a large-scale invasion might not be in the plans of the Russian leader.<\/p>\n

As the US president said this week, he is not ready to raise the tariffs that his predecessor imposed on Chinese imports.<\/p>\n

Safe haven<\/h2>\n

Gold’s rise to $1,800 an ounce comes after it fell for the first time in three years in 2021. Central banks globally began to roll back the stimulus of the pandemic era.<\/p>\n

However, the traditional role of gold bullion as a hedge against inflation and a sell-off in technology stocks, supports demand as investors seek refuge in safe haven assets, according to Fawad Razaqzada, an analyst at ThinkMarkets<\/a>.<\/p>\n

“Gold is finally responding to high levels of inflation around the world,” Razaqzada said.<\/p>\n

“It remains to be seen whether the latest breakout attempt by gold can be held, but now there are more compelling reasons why the bulls might hold their ground,” he said.<\/p>\n

Spot gold was little changed at $1,840.77 by 11:30 a.m. in Singapore, after rising 0.2% earlier on Thursday to $1,844.15 an ounce, its highest intraday level since November 22.<\/p>\n

While the Bloomberg Spot Dollar Index was flat, after declining by 0.2% in the previous session. Silver and platinum prices rose, while palladium fell.<\/p>\n","protected":false},"excerpt":{"rendered":"

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