Gold stabilizes amid rising US bond yields and developments in the Ukraine crisis

Gold prices stabilized on Tuesday as US bond yields rose to multi-year highs following the Federal Reserve’s decisive stance on inflation while escalating conflict between Russia and Ukraine boosted demand for the safe-haven metal.

And the price of gold settled in spot transactions at the level of $ 1936.03 an ounce

US gold futures rose 0.5% to $1,938.80 an ounce.

US Federal Reserve Chairman Jerome Powell indicated that the central bank will raise interest rates more than expected if necessary to curb inflation, which has risen to very high levels.

US 10-year bond yields jumped above 2.3 percent for the first time since May 2019.

Market experts said strong moves in the US bond market increasingly indicated an imminent recession, while markets questioned the central bank’s plan to ensure a “smooth anchoring” of the economy as it raised interest rates to contain inflation.

And what slowed the decline of gold was Ukraine’s statements that it would not heed Russia’s ultimatums, which demanded that it stop defending the besieged city of Mariupol.

And the price of palladium, used in the auto industry, fell 0.4 percent to $ 2574.04 an ounce.

The price of silver in spot transactions rose 0.5% to $ 25.33 an ounce and platinum increased 0.2 percent to $ 1039.46 an ounce.