Gold drops from 19- month high as risk sentiment improves
Gold fell from near a 19- month high 000 an ounce. crude imports by year- end has stoked as risk sentiment improved, despite Bullion is still up about 10percent further fears of stagflation, where ongoing concerns that the fallout from this year as investors seek a hedge prices rise while economic growth Russia’s invasion of Ukraine will furagainst the threat of an inflationary stutters. ther South fuel inflation Africa suffered and hurt economies. its and improve shock to the ba global s i c economy. Hold“The ban on Russian oil by the US
European worst quarterly stocks contracand US futures services, ings igniting in gold- a wave backed exchange- traded is causing more inflation jitters,” said climbed tion in on nine Wednesday, years, data the day of after optimism funds have dubbed reached the highest since Howie Lee, an economist at Overseathe showed S& P 500 on tumbled Tuesday, to a in nine- a month “Ramaphoria”. March 2021, with inflows of about 152 Chinese Banking Corp. low reminder on worries to that investors energy of prices may South tons Africa’s this economy year, according to initial data “We all saw that coming, but still, extend the huge gains challenge as the US bans Presiimports has of barely compiled grown by in Bloomberg. the it feels like a roller- coaster drop Russian dent crude. Cyril Ramaphosa past decade The with impact fiscal of the war in Ukraine moment. With this ban, oil is easily
Benchmark faces to deliver Treasury long term yields missteps also and and sanctions corruption on Russia have reverexpected to trade at new records. By rose economic as havens growth. retreated, putting contributing presberated to across weak the globe, some driving of the comenthusiasm that in correlation, percent it in is the not first difficult quarter, to see sure After on non- Jacob interest Zuma bearing was business gold. modities and consumer higher on supply Africa’s woes. most industrialised The why gold led may by also a be slowdown trading at a new in Spot forced gold out fell as as leader much by as the 2.4percent confidence. latest move by the US economy. to ban Russian The record rand high agriculture soon.” and mining, in ruling London, party moving in February, back toward However, $ 2 oil and the the U. poor K. to phase weakened out Russian by more than after expanding 3.1 percent Ramaphosa pledged to gross domestic output one percent against the in the final quarter of last clean up governance, deal ( GDP) in the first three dollar in response. year, Statistics South Africa with high unemployment months of 2018 will erode GDP contracted by 2.2 said.