Gold Up over Weakening U.S. Dollar on Softening Inflation Expectations
By Zhang Mengying
Investing.com – Gold was down on Tuesday morning in Asia as the U.S. dollar weakened on softening inflation expectations.
inched up 0.12% to $1,826.95 by 12:45 AM ET (4:45 AM GMT). The , which normally moves inversely to gold, edged up on Wednesday morning. Softening inflation expectations prompted a reassessment of the prospects for aggressive interest rate hikes.
Benchmark steadied, keeping bullion gains in check.
As a way to tighten the sanctions on Russia over its invasion of Ukraine, the U.S., UK, Japan, and Canada also plan to announce a ban on new gold imports from Russia during the G7 summit.
The European Central Bank (ECB) President Christine Lagarde, U.S. Federal Reserve Chair Jerome Powell, the Bank of England Governor Andrew Bailey, and Cleveland Fed President Loretta Mester are due to speak at the ECB event this Wednesday.
data which measures the total value of new orders for long-lasting…