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One reason for that has been the rallying Dollar Index, which is up 11% this year after a 6% gain in 2021. Gold is supposed to be a hedge against inflation but it has not been able to hold up to that billing for most of the past two years since hitting record highs above $2,100 in August 2020. Beijing views Taiwan as its territory and has warned of consequences, including military action, if Pelosi’s trip goes ahead. The Speaker of the US House would be the most senior US politician to visit Taiwan in a quarter of a century. The spot price of bullion meanwhile, reached a near one-month high of $1,780.59.īloomberg cited Pelosi, who would arrive later Tuesday in Taiwan, as a reason for gold’s climb on Tuesday. On July 21, COMEX gold had plumbed an 11-month low of $1,678.40. It earlier reached a session high of $1,797.20. In Tuesday’s Asian trade, gold was headed for a fifth straight day of gains.īy 1:45 PM in Singapore (1:45 AM in New York), gold’s benchmark futures on New York’s COMEX, December, was at $1,788.30, up 60 cents on the day. The dollar days are not numbered, as the interest rate differential will widely remain in the greenback’s favor, as will US growth prospects, and safe-haven flows as Europe rushes towards a recession.” If the dollar pullback continues, that might be enough for gold’s rally to extend. “Technical levels matter here and gold will need a fresh catalyst to break the $1,800 level. Moya said deteriorating macroeconomic data along with the weaker dollar had pulled bullion higher. King dollar lost its mojo and that has been great news for the yellow metal.” “Gold can’t stop climbing higher now that a peak in Treasury yields has been made. The big question at this point is one of continuation and this seems to tie in with the same macro questions that are pertinent in a variety of asset classes at the moment.”Įd Moya, analyst at online trading platform OANDA, concurred, saying: “Longer-dated Treasury yields are diving even as the Fed is hiking short-term rates. James Stanley, who blogs on precious metals at Daily FX, said gold was showing a distinctive “behavior change” since last week. The yellow metal gained 2.2% last week for its best weekly performance in four months after Federal Reserve Chair Jerome Powell said the central bank couldn’t predict if it’ll hold on to the aggressive rate hikes it had conducted since March to beat inflation, as the US economy itself was sliding.Īll charts by, with data powered by Gold has shown encouraging strength in holding on to the higher end of $1,700 since the reading on second quarter US gross domestic product on Friday that technically placed the economy in a recession. Whatever the driver, gold is once again in the safe-haven seat as the yellow metal’s faithful-as well as those who’d ignored it for some time-hop on for the ride as the Dollar Index and the 10-Year Treasury note rapidly go down the tube. Others point to the incessant drone of US recession talk, the plummeting dollar and US bond yields. Notion of peaking Fed rate hikes could send gold to interim high of $1,830īloomberg cites the geopolitical turbulence associated with Nancy Pelosi’s trip to Taiwan as the reason for gold's strength on Tuesday.Last week’s gain of 2.2% was gold’s best week in 4 months.
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From Pelosi in Taiwan to plummeting dollar and yields, gold has reasons to rally.Safe haven laws generally allow a parent to remain anonymous and shielded from prosecution in exchange for surrendering an unharmed infant to a designated location. Since beginning in Texas in 1999, all state legislatures have enacted Baby Moses laws (infant safe haven laws) to address infant abandonment and infanticide. CFSA then provides foster care while seeking an adoptive home for the infant. Within a day of receiving an infant, hospitals transfer care to the DC Child and Family Services Agency. As long as the infant is unharmed, the parent will not face any legal consequences.ĭistrict residents who use a safe haven give up their rights as the baby’s parent. The parent may provide a health history to help the baby, but doing so is optional. The surrendering parent does not have to give his or her name. The District’s Newborn Safe Haven Amendment Act of 2010 gives parents in crisis a responsible alternative to abandoning or discarding a newborn.Īny DC resident who is the parent of a newborn less than 14 days old may give the infant to workers at any hospital in DC, all of which are desigated safe havens. Making a responsible choice gives the baby the chance for a good life. For District parents who cannot care for their newborns, help is available.