June Gold Ranging as Traders Await Fundamental Breakthrough
- Date: 24-Mar-2022
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
June Gold Ranging as Traders Await Fundamental Breakthrough
Gold futures are edging higher on Tuesday despite soaring U.S. Treasury yields and a stronger U.S. Dollar, a combination that tends to weigh on demand for the non-yielding asset. Perhaps underpinning the market is the intensifying conflict between Russia and Ukraine that is fueling steady safe-haven demand.
At 07:18 GMT, June Comex gold is trading $1941.40, up $6.60 or +0.34%. On Monday, the SPDR Gold Shares ETF (GLD) settled at $180.65, up $1.35 or +0.75%.
Technical factors could also be influencing the price action with the precious metal currently sitting inside the contract’s 50% to 61.8% retracement zone at $1908.10 to $1958.70. Trader reaction to this area could determine the near-term direction of the market.