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Gold prices remained stable on Tuesday as US bonds peaked for several years, following the Federal Reserve’s decisive stance on inflation, while the conflict between Russia and Ukraine escalated and increased demand for safe haven metal.
The price of gold within 0605 GMT was settled on the spot at $ 1936.03 an ounce (one ounce).
US gold futures rose 0.5% to $ 1,938.80 an ounce.
US Federal Reserve Chairman Jerome Powell has warned that the central bank will raise interest rates higher than expected to curb inflation.
Yields on 10-year U.S. bonds rose more than 2.3 percent for the first time since May 2019.
Markets said strong movements in the U.S. securities market signaled an immediate recession, while markets questioned the central bank’s plan to ensure the “smooth anchor” of the economy by raising interest rates to control inflation.
Ukraine’s statements that it would not heed Russia’s final warnings to stop defending the besieged city of Mariupol have slowed the fall in gold.
The price of palladium used in the automobile industry fell 0.4 percent to $ 2574.04 an ounce.
At the Interbank Foreign Exchange, silver rose 0.5% to $ 25.33 an ounce and platinum rose 0.2 percent to $ 1039.46 an ounce.
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