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On this day — April 28, 2022
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 118 of 365 · Q2 2022 · 32.3% through the year
April 2022 gold market: Tightening cycle pressures gold
BearishRising 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
Key events in April 2022
- 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.