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Gold rises but set for weekly loss as dollar holds ground

Category: Economy

Date: 2021-09-17T08:16:11+0000
Gold rises but set for weekly loss as dollar holds ground

Shafaq News / Gold prices rebounded on Friday after sliding to an over one-month low in the previous session, though a firm dollar set the metal on course for a weekly decline as investors awaited next week's U.S. Federal Reserve policy meeting.

Spot gold rose 0.5% to $1,762.55 per ounce by 0716 GMT, while U.S. gold futures gained 0.4% to $1,762.80. The precious metal has declined 1.6% this week.

 

"While support at $1,750 has so Bullion slipped as much as 2.7% on Thursday, as the dollar index jumped after an unexpected increase in U.S. retail sales last month raised expectations of the Federal Reserve potentially reducing its stimulus sooner.

 

The dollar held close to a near three-week peak on Friday, increasing gold's cost for buyers holding other currencies.

 

On the technical front, gold may end its bounce in a resistance zone of $1,763-$1,768 per ounce, and retest a support at $1,744, according to Reuters technical analyst Wang Tao.

 

Bullion slipped as much as 2.7% on Thursday, as the dollar index jumped after an unexpected increase in U.S. retail sales last month raised expectations of the Federal Reserve potentially reducing its stimulus sooner.

 

The Federal Open Market Committee's two-day policy meeting is due to be held on Sept. 21-22.

 

Reduced central bank stimulus tends to lift bond yields, which raises the opportunity cost of holding non-interest bearing gold. It also helps boost the dollar, further weighing on bullion.

 

Michael Langford, director at corporate advisory AirGuide, also said "the unpublished European Central Bank inflation estimate has driven short term sentiment against gold at the prospect of rate rises potentially happening earlier than expected."

 

Silver was flat at $22.94 per ounce, after hitting its lowest in more than a month on Thursday.

 

Platinum rose 1.1% to $942.76, while palladium dipped 1.3% to $2,007.95.

 

Source: Reuters

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