Report

rss

Iraq News

Kurdistan

Economy

World

All News

Gold heads for worst monthly decline since 2016

Category: Economy

Date: 2021-06-30T09:23:02+0000
Gold heads for worst monthly decline since 2016

Shafaq News/ Gold prices held steady on Wednesday as investors were cautious ahead of U.S. jobs data due later this week, but prices were set to post their worst month since November 2016 on the U.S. Federal Reserve's shift to a hawkish policy stance.

Spot gold was steady at $1,761.80 per ounce, as of 1231 GMT. U.S. gold futures fell 0.1% to $1,761.80.

For the month, prices were down 7.6%. For the quarter, gold had risen 3.2%.

 Federal Reserve Governor Christopher Waller on Tuesday said he is "very optimistic" about the economy, and while he declined to say when he thinks the Fed should start raising interest rates, he said it could be next year.

 U.S. consumer confidence jumped to its highest level in nearly 1-1/2 years in June as growing labour market optimism amid a reopening economy offset concerns about higher inflation.

The U.S. Labor Department's nonfarm payrolls data on Friday is expected to show a gain of 690,000 jobs this month, compared with 559,000 in May, according to a Reuters poll.

Gold is seen as a hedge against inflation, although a Fed rate hike will increase the opportunity cost of holding bullion and dull its appeal.

Silver rose 0.3% to $25.81 per ounce. Palladium gained 0.4% at $2,686.81 and was headed for a fourth straight quarterly gain.

Platinum rose 0.2% to $1,068.96, and was set to post its worst quarter and month since March last year.

Source: Reuters

related

Gold prices in the Iraqi local markets today

Date: 2021-10-07 08:48:36
Gold prices in the Iraqi local markets today

PRECIOUS-Gold hovers near $1,900/oz as dollar, yields dip after U.S. data

Date: 2021-06-11 07:34:57
PRECIOUS-Gold hovers near $1,900/oz as dollar, yields dip after U.S. data

Gold inches lower on dollar recovery, softer U.S. inflation data

Date: 2021-02-11 08:26:22
Gold inches lower on dollar recovery, softer U.S. inflation data

Iraq's gold reserves remain the world's 39th despite volatile market toward 2021's end

Date: 2022-01-08 07:04:23
Iraq's gold reserves remain the world's 39th despite volatile market toward 2021's end

Gold prices drop as US dollar rises

Date: 2020-08-19 07:30:35
Gold prices drop as US dollar rises

Gold rises as the dollar decline

Date: 2020-09-25 10:07:40
Gold rises as the dollar decline

PRECIOUS-Gold prices ease as investors brace for Fed rate outlook

Date: 2021-11-03 07:56:40
PRECIOUS-Gold prices ease as investors brace for Fed rate outlook

PRECIOUS-Gold prices firm as rate-hike bets ebb; Fed minutes in focus

Date: 2021-07-05 07:37:39
PRECIOUS-Gold prices firm as rate-hike bets ebb; Fed minutes in focus