Gold’s value in Asia is kept under control during the Asian session, while the USD keeps gaining strength as its value increases beyond 98.50, as to the Dollar Index. Gold is being sold and bought at $1,925 after starting at $1,921.
The dollar started the week on a strong note after last Friday’s heterogeneous Non-farm payroll data and due to the growth of the Treasury Yield with anticipations of a Fed’s US dollar interest rate hike. In addition, talks about banning Russian gas have kept the euro heading towards its lowest price level in this year. It was reported by a Reuter source that the ban could retard the growth of the European economy and currency after Ukraine and European officials accused Russia of atrocities.
Coming from Friday’s performance of $1,925, the Gold is starting on a backfoot at $1,924.27 during today’s Asian session, and will move on from there.
The Result of Happenings in the Market and World
Investors are now evaluating the risk of a prolonged crisis in Ukraine and as the resolution protracts onto futility, and also the US recession in opposition to a hawkish Federal Reserve background, which continues to give support to Gold’s upward momentum.
The Non-farm payroll data released on Friday revealed that 431,000 were added last month, which was lower than the estimated 490,000. The Unemployment rate was reduced by 3.6 percent. This has aided the USD in attaining the index of 98.50. During the opening of today, the US dollar index is now being sold and bought in the 98.60s.
However, in spite of the USD strength, analysts debated that “as long as the progress in peace talks remains out of sight, safe haven movement will probably keep supporting the Gold”
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