In global markets, gold was slightly lower at $1,917 per ounce, after touching its lowest since March 1 at $1,906 on Tuesday. Tonight, the US central bank is expected to announce its first interest rate hike in three years to tackle soaring inflation. The prices dropped this morning during the Asian hours.The safe-haven assets such as the precious metals gained some support as fighting in Ukraine shows no sign of abating.Now, gold trades at $1925.78, which is an advance of $4.93 or 0.26% from the previous close of 1920.85. The daily trading range is from $1918.12 to 1928.84, while the trading volume is 44.69K.Kiev rejected Russian calls to surrender the city of Mariupol, and there seems to be no end of the war of the very near run.
Two Fed officials called the central to follow o a more aggressive approach against inflation figures. Fed Chairman Jerome Powell and Atlanta Fed President Raphael Bostic are due to report later today. In the meantime, palladium added 2.8% to $2,561.25 per ounce. Silver added 0.4% and platinum rallied 0.8%.
Higher US Treasury yields also put pressure on the yellow metal. Gold is highly sensitive to rising US interest rates, and consequently higher yields on benchmark US 10-year Treasury notes which increase the opportunity cost of holding non-yielding bullion.
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