Gold Edges Up On Russia's Internal Chaos, Soft Dollar: What's Capping More Gains?
Portfolio Pulse from Bhavik Nair
Gold prices edged higher during Monday's Asian trading session due to Russia's internal chaos and a soft dollar. However, gains were capped by concerns over extended rate hikes by the Federal Reserve and higher-than-expected inflation. The SPDR Gold Trust (NYSE:GLD) and the iShares Gold Trust (NYSE:IAU) both closed higher on Friday.
June 26, 2023 | 4:30 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Gold prices rose due to Russia's internal chaos and a soft dollar, but gains were capped by concerns over extended rate hikes and inflation. The SPDR Gold Trust (NYSE:GLD) closed 0.28% higher on Friday.
The attempted coup in Russia and a soft dollar have increased demand for safe-haven assets like gold, leading to a rise in gold prices. This directly impacts the SPDR Gold Trust (GLD), which closed higher on Friday. However, concerns over extended rate hikes and inflation may limit further gains.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Gold prices rose due to Russia's internal chaos and a soft dollar, but gains were capped by concerns over extended rate hikes and inflation. The iShares Gold Trust (NYSE:IAU) closed 0.25% higher on Friday.
The attempted coup in Russia and a soft dollar have increased demand for safe-haven assets like gold, leading to a rise in gold prices. This directly impacts the iShares Gold Trust (IAU), which closed higher on Friday. However, concerns over extended rate hikes and inflation may limit further gains.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100