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Gold Declines As Bond Yields Rise

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Gold prices dipped on Monday as hopes for progress in Russia-Ukraine talks lifted bond yields.

Spot gold dipped 1.4 percent to $1,961.59 per ounce, while U.S. gold futures were down 1.1 percent at $1,963.85.

The 10-year Treasury yield hit 2.08 percent, its highest point since July 2019 as focus shifted to the Russia-Ukraine peace talks and a slew of central bank meetings due this week.

The next round of Russia-Ukraine peace talks is scheduled for today with officials on both sides offering cautious optimism.

“There are certain positive shifts, negotiators on our side tell me,” Russian President Vladimir Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko on Friday.

U.S. Deputy Secretary of State Wendy Sherman said on Sunday that Russia was showing signs it might be willing to have substantive negotiations over Ukraine.

Ukrainian negotiator Mykhailo Podolyak said that Russia was “beginning to talk constructively.

The focus also remains on major central bank meetings this week amid inflation risks from commodity supply disruptions.

The Federal Reserve is expected to hike interest rates by at least 25 basis points when it hands down its decision on Wednesday.

Similarly, the Bank of England is expected to hike rates for the third time since December when it delivers its rate decision on Thursday.

The Bank of Japan is expected to maintain a dovish stance on Friday, despite rising inflation.

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