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Gold ticks higher on inflation anxiety, but firm dollar caps gains

Category: Economy

Date: 2021-05-20T10:10:16+0000
Gold ticks higher on inflation anxiety, but firm dollar caps gains

Shafaq News / Gold prices gained on Thursday, aided by growing U.S. inflationary pressure, although gains were curbed as the dollar rebounded and U.S. Treasury yields rose after Federal Reserve policymakers hinted at a possible shift in future policy, Reuters reported.

Spot gold was up 0.2% at $1,873 per ounce by 0650 GMT. U.S. gold futures eased 0.3% to $1,875.20.

Gold prices rose more than 1% on Wednesday to their highest since Jan. 8, but pared most of the gains as the dollar index bounced off from a near three-month low and benchmark U.S. Treasury yields jumped after the Fed minutes.

Fed minutes published on Wednesday showed "a number" of officials thought that if the recovery holds up, it might be appropriate to "begin discussing a plan for adjusting the pace of asset purchases".

Recent data showing a rise in prices in the United States and UK intensified concerns over inflation.

Gold is seen as a hedge against inflation, but an increase in rates from the Fed will dull bullion's appeal as it translates into higher opportunity cost of holding the non-yielding asset.

Spot gold may retest a resistance at $1,893 per ounce, according to Reuters technical analyst Wang Tao.

Palladium gained 0.5% to $2,882.61 per ounce, silver was steady at $27.76, while platinum rose 1.1% to $1,204.52.

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