Gold prices climbed higher on safe-haven buying on Monday amid escalating tensions in Ukraine and rising concerns about inflation. A firm U.S. dollar and higher Treasury yields limited gold’s upside.
The dollar index rose to 99.06 amid prospects of tighter monetary policy from the Federal Reserve. Investors awaited the minutes of the central bank’s March policy meeting.
The minutes, due to be released on Wednesday, could provide clues about Fed’s monetary policy outlook.
Gold futures for June ended higher by $10.30 or about 0.5% at $1,934.00 an ounce.
Silver futures for May ended down by $0.064 at $24.590 an ounce, while Copper futures for May settled at $4.7815 per pound, gaining $0.0930 for the session.
Data released by the Commerce Department showed new orders for U.S. manufactured goods decreased in line with economist estimates in the month of February.
The Commerce Department said factory orders fell by 0.5% in February after surging by an upwardly revised 1.5% in January.
Economists had expected factory orders to decrease by 0.5% compared to the 1.4% jump originally reported for the previous month.
In geopolitical news, a Russian law enforcement agency has reportedly launched its own investigation into allegations that Ukrainian civilians were massacred in suburbs of Kyiv, which were held by Russian troops, focusing on what it calls “false information” about Russian forces.
Meanwhile, U.S. President Joe Biden has called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine.
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