By Zhang Mengying
Investing.com – Gold was up on Wednesday morning in Asia, supported by recession concerns as eased.
inched up 0.04% to $1,821.95 by 12:28 AM ET (0428 GMT). The , which normally moves inversely to gold, inched down on Wednesday morning.
Bullion was caught between pressure from prospects of higher interest rates and support from recession risks.
New York Fed President John Williams and San Francisco’s Mary Daly said that they had to cool inflation but insisted that a soft landing was still possible. Higher interest rates and bond yields would dent bullion demand as it yields no interest.
Benchmark U.S. 10-year Treasury yields eased, providing some support to gold.
The U.S. banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine.
fell to a 16-month low in June as high left consumers to worry about a slowing economy.
In Asia-Pacific, China took a surprise move Tuesday to in centralized quarantine facilities. The step lifted market hopes of China’s shift to another COVID-19 strategy which could cost less economic damage.
In other precious metals, fell 0.38%. gained 0.78% while climbed 2.19%.
