Gold futures decline amid more certainty after CPI release

In the Comex division of the New York Mercantile Exchange, April gold futures were trading at $2,167.85 per troy ounce.

Ignacio Teson•Tuesday, March 12, 2024•1 min read

Gold benefiting again from elevated tensions

Meanwhile, on the Comex, May silver futures fell by 0.97% to trade at $24.48 per troy ounce.

During the European session on and early US Session on Tuesday, gold futures declined. In the Comex division of the New York Mercantile Exchange, April gold futures were trading at $2,167.85 per troy ounce, down 0.95% as of the time of this report.

XAU/USD

It reached an early session low of $2,167.00 per troy ounce. Gold is likely to find support at $2,131.90 and resistance at $2,203.00.

The Dollar Index Futures, which tracks the dollar’s trend against the basket of six major currencies, rose by 0.23% to trade at $102.70.

Meanwhile, on the Comex, May silver fell by 0.97% to trade at $24.48 per troy ounce, while May copper fell by 0.10% to trade at $3.92 per pound.

This occurred after Ukraine launched a massive drone attack against ten Russian regions on Tuesday, on the eve of the presidential elections in Russia. The action was accompanied by border incursions by units of Russian volunteers fighting in the ranks of the Ukrainian army.

Ukraine launched more than two dozen drones against Russia overnight, authorities reported, causing fires at two fuel depots, and some of the projectiles penetrated Russian territory.

The Russian Ministry of Defense reported on Tuesday that it had destroyed 25 drones overnight, two of them in the Moscow region, one in the Leningrad region (north), 11 in the Ukrainian border regions of Belgorod and Kursk, and one in another border region, Bryansk.

The drone attacks also set fuel depots on fire in the towns of Oryol and Kstovo, about 160 kilometers and 828 kilometers, respectively, from the Ukrainian border.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.