Gold Prices Falling to Lowest in Two Months Forex gold
On the US economic news front, US pending home sales declined for the fifth consecutive month in March, according to a report from the National Association of Realtors. NAR said pending home sales fell 1.2% to 103.7 in March after tumbling 4% to 105.0 in February. Economists had expected pending home sales to fall 1.6%.
Bond yields have generally risen throughout the year as investors prepare for higher rates. The yield on the 10-year Treasury rose to 2.82% from 2.77% late Tuesday. Wall Street remains focused on inflation's path forward amid persistent threats from Russia's war against Ukraine and the virus epidemic.
China's strict lockdown measures have also heightened concerns about slowing economic growth due to the damage being done to the world's second largest economy. The flow of industrial goods has been disrupted by the suspension of access to Shanghai, home to the world's busiest port, and other industrial cities including Changchun and Jilin in northeastern China.
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