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Gold Eases Amidst Oil Price Slump

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Gold Futures for April settlement oscillated between $1918 and $1933 per troy ounce on Thursday amidst reports of the U.S planning to dip into strategic oil reserves to stem the surge in crude oil prices and thereby the fuel-fed inflation. The measure aimed at inflation control has to an extent dented gold’s appeal as an inflation hedge.

Gold has gained significantly as the unprecedented geopolitical crisis in eastern Europe increased gold’s safe-haven appeal dramatically.

Gold prices had touched a high of $2078.80 on March 8 in the aftermath of the Russian invasion of Ukraine and the attack on a nuclear power plant. The prices had corrected substantially and gold price had touched a low of $1895.20 on March 16 and a further low of $1888.30 on March 29.

Gold Futures for April settlement are currently trading at $1932.35, down 0.06 percent from the previous close of $1933.50.

Concerns over runaway inflation and fears of whether the central bank’s actions would suffice to stop the inflationary spiral could increase the yellow metal’s appeal as an inflation hedge.

Biden says latest Strategic Petroleum Reserve release could cut gas prices 10 to 35 cents per gallon — but some experts worry about long-term costs

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