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On this day — April 2, 2022

Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.

Day 92 of 365 · Q2 2022 · 25.2% through the year

April 2022 gold market: Tightening cycle pressures gold

Bearish

Rising yields and a firm dollar drained the war premium.

Gold eased from around $1,940 toward $1,900 in April 2022 as the Federal Reserve signalled faster rate hikes and balance-sheet reduction. Rising real yields and a strengthening dollar steadily drained the war premium built up in February and March.

What drove gold in April 2022

  • Fed signalling faster tightening
  • rising real yields
  • strengthening US dollar
  • fading war premium
Themes#Fed policy#rising yields#US dollar strength

Key events in April 2022

  1. Apr 21Hawkish Fed commentary lifts yields; gold slips toward $1,900

What happened next

The pressure intensified in May and June as the Fed accelerated its hikes.

For gold buyers

April marked the handover from war-driven demand to Fed-driven pressure that would dominate gold for months.