Market Report: Gold Challenges All-Time High

by Alasdair MacLeod
Gold Money

As commodity prices responded to developments in Ukraine, precious metals rallied strongly before a general consolidation developed across all markets. After hitting a high of $2070 on Tuesday, gold backed off to trade at $1990 in this morning’s European trade, up a net $19 on the week. Silver touched $26.93 before falling back to $25.80 this morning, up a net 15 cents.

Oil prices also backed off, with WTI this morning at $108 after touching $129.40. The flight to fiat safety has also reversed, as our next chart of the 10-year UST from Trading Economics shows.

[…] Last week the yield on the 10-year UST note fell from over 2% to 1.68% by last Friday before a pre-weekend rally. This week, the yield rose to 2% again, telling us that on balance the market was becoming less worried about the Ukrainian war and more concerned with the highly negative real yields on offer. By way of confirmation, it was announced yesterday that the US CPI rose to 7.9% in February in line with expectations.

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