By Gina Lee

Investing.com – Gold was lower on Thursday morning in Asia, with rising U.S. Treasury yields stalling gains as investors remain cautious ahead of the upcoming .

edged down 0.18% to $1,839.85 at 10:49 p.m. ET (0349 GMT), remaining close to its highest level since Nov. 22, 2021. The safe-haven yellow metal recorded its best session in three months on Wednesday, boosted by a weakening and intensification of US-Russian tensions over Ukraine.

The benchmark rose on Thursday, gently putting pressure on gold.

The Fed is widely expected to tighten monetary policy at a much faster pace than expected a month ago to rein in still-high inflation. This inflation is now the biggest threat to the US economy in 2022, according to economists polled by Reuters.

Investors are now awaiting the Fed’s next policy decision, which is due Jan. 26. Policy decisions from the central banks of Indonesia, Malaysia, Norway, Turkey and Ukraine are expected later today.

In other commodities, prices were on an upward trend and contributed to inflation fears.

In the UK, inflation data on Wednesday showed the consumer price index rose 5.4% and 0.5% in December. The input to the producer price index rose 13.5% but contracted 0.2%.

The higher than expected figures could push the country to raise interest rates.

Meanwhile, the look is about to embark on a divergent path from its American counterpart. China’s central bank on Thursday cut the one-year LPR from 3.8% to 3.7% and the five-year LPR from 4.65% to 4.6%.

In other precious metals, silver fell slightly by 0.1% and palladium by 0.4%, while platinum edged up by 0.1%.

Warning: Merged media would like to remind you that the data contained in this site is not necessarily real time or exact. All prices for CFDs (stocks, indices, futures) and Forex are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price, which which means that the prices are indicative and not suitable for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur due to the use of this data.

Merged media or anyone involved with Fusion Media will accept no liability for any loss or damage resulting from reliance on the information, including data, quotes, charts and buy/sell signals contained in this website . Please be fully informed of the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investment possible.