FUNDAMENTALS
* Spot gold was down 0.2% at $1,931.84 an ounce at 01:05 GMT. US gold futures were flat at $1,930.20.
* Powell said the US central bank would raise interest rates by larger amounts than usual if necessary to bring down inflation which is “far too high”.
* The yield on the benchmark 10-year Treasury bond jumped above 2.3% for the first time since May 2019, as a closely watched spread between two- and 10-year Treasury bond rates narrowed. is still flattened, a potential sign of an economic slowdown. [US/]
* Sharp moves in the US Treasury market increasingly signal the risk of a near recession as markets doubt the Fed’s plan to stage a ‘soft landing’ for the economy as it raises interest rates interest in fighting inflation, said market experts.
* Higher yields and interest rates tend to increase the opportunity cost of holding unpaid gold.
* Slowing gold’s slide, Ukraine said on Monday it would not obey Russia’s ultimatums after Moscow demanded that it stop defending besieged Mariupol, escalating the conflict.
* In the meantime, European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine when they meet with US President Joe Biden this week for a series of peaks.
* Palladium, used by automakers in catalytic converters to reduce emissions, was down 0.5% at $2,571.64 an ounce.
* The metal used in car catalysts hit a record high of $3,440.76 on March 7 on fears of supply disruptions from major producer Russia.
* Spot silver was down 0.2% at $25.15 an ounce, platinum was down 0.3% at $1,033.99.