Gold Prices Lifted by Inflation Concerns

Gold Prices Lifted by Inflation Concerns

Gold Prices Lifted by Inflation Concerns

Gold prices steadied near 2-month highs to around $1,840 an ounce on Thursday, after jumping about 1.5% in the previous session, lifted by inflation concerns and increased safe-haven demand. The Russia-Ukraine situation offered the yellow metal some support as investors looked for safe-haven assets to hedge against geopolitical tensions. Persistent price pressures also drove gold prices higher, as annual inflation rates soared to multi-decade high across major economies. Meanwhile, gold remained under pressure from rising US bond yields as the Federal Reserve is expected to tighten monetary policy at a much faster rate than previously thought to tame persistently high inflation.

Gold prices steadied near 2-month highs to around $1,840 an ounce on Thursday, after jumping about 1.5% in the previous session, lifted by inflation concerns and increased safe-haven demand The first resistance will be $1845 on a further rise and first support will be $1832 on a decline.

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