Report

rss

Iraq News

Kurdistan

Economy

World

All News

PRECIOUS-Gold eases as higher yields weigh before U.S. inflation data

Category: Economy

Date: 2022-06-10T07:57:06+0000
PRECIOUS-Gold eases as higher yields weigh before U.S. inflation data

Shafaq News/ Gold edged down on Friday and headed for a weekly fall, as Treasury yields rose, with investors awaiting key monthly U.S. inflation data that is due later in the day for cues on the future of monetary policy.

FUNDAMENTALS

* Spot gold was down 0.1% at $1,846.22 per ounce, as of 0038 GMT, while U.S. gold futures eased 0.2% to $1,849.10.

* Gold prices have fallen about 0.2% so far this week.

* Benchmark U.S. 10-year Treasury yields edged up, hurting demand for zero-yield gold. [US/]

* Economic data expected on Friday has market participants anxiously waiting for confirmation that decades-high inflation reached its summit in March and has commenced its long hike back down the mountain.

* The U.S. Federal Reserve will hike its key interest rate by 50 basis points in June and July, with rising chances of a similar move in September, according to a Reuters poll of economists who see no pause in rate rises until next year.

* Bullion is often seen as an inflation hedge, but the opportunity cost of holding it is higher when the Fed raises short-term interest rates to combat inflation.

* The number of Americans filing new claims for unemployment benefits increased to the highest level in nearly five months last week, but that likely does not mark a material shift in labour market conditions, which remain extremely tight.

* The European Central Bank ended a long-running stimulus scheme on Thursday and said it would deliver next month its first interest rate hike since 2011, followed by a potentially larger move in September.

* Spot silver dipped 0.1% to $21.65 per ounce, and platinum fell 0.5% to $966.13, while palladium rose 0.2% to $1,928.17. All are on course for weekly declines.

Source: Reuters

related

Gold dips as dollar checks slide, Fed chief hardens policy stance

Date: 2022-05-18 07:09:08
Gold dips as dollar checks slide, Fed chief hardens policy stance

Gold prices in the Iraqi local markets today

Date: 2021-03-01 11:29:01
Gold prices in the Iraqi local markets today

Gold inches up in Iraq today

Date: 2021-06-03 09:45:18
Gold inches up in Iraq today

Gold flat as firmer dollar, yields offset Ukraine worries

Date: 2022-03-09 06:37:32
Gold flat as firmer dollar, yields offset Ukraine worries

Gold rises but set for weekly loss as dollar holds ground

Date: 2021-09-17 08:16:11
Gold rises but set for weekly loss as dollar holds ground

Gold prices drop in the Iraqi capital today

Date: 2022-08-31 10:18:17
Gold prices drop in the Iraqi capital today

Gold prices edged lower on Wednesday

Date: 2020-11-18 10:13:05
Gold prices edged lower on Wednesday

PRECIOUS-Gold firms as dollar stalls; investors await U.S. data

Date: 2021-04-15 08:47:50
PRECIOUS-Gold firms as dollar stalls; investors await U.S. data