Report

rss

Iraq News

Kurdistan

Economy

World

All News

PRECIOUS-Gold inches lower on firm dollar, Fed hawkish stance

Category: Economy

Date: 2021-06-29T08:13:32+0000
PRECIOUS-Gold inches lower on firm dollar, Fed hawkish stance

Shafaq News/ Gold prices eased on Tuesday, as a firmer dollar made bullion expensive for holders of other currencies while concerns that the U.S. Federal Reserve will tighten its monetary policy sooner than expected also dented the metal’s appeal.

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

FUNDAMENTALS

* Spot gold was down 0.1% at $1,776.29 per ounce, as of 0525 GMT. U.S. gold futures fell 0.3% to $1,776.20.

* The dollar index strengthened 0.1% against rivals.

* The Fed has made “substantial further progress” towards its inflation goal in order to begin tapering asset purchases, Fed Bank of Richmond President Thomas Barkin said on Monday.

* The supply chain imbalances and higher demand currently leading to higher inflation are transitory and the Fed has the tools to respond if inflation remains elevated for longer than anticipated, Fed Vice Chair for Supervision Randal Quarles said on Monday.

* European Central Bank policymakers on Monday started a public debate about ending emergency bond purchases launched at the start of the coronavirus pandemic last year, with faultlines already emerging between so-called hawks and doves.

* Bullion tends to fall out of favour amid tighter monetary policy.

* Zimbabwe’s central bank will allow large-scale gold mining companies to directly export a portion of their bullion, an official said.

* China’s net gold imports via Hong Kong more than halved in May from the prior month, when they touched the highest level in nearly three years, as demand faltered amid fresh coronavirus-led restrictions.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 1,045.78 tonnes on Monday from 1,042.87 tonnes on Friday.

* Silver eased 0.2% at $26.05 per ounce, palladium slipped 0.5% to $2,672.00. Platinum dropped 0.4% at $1,086.50.

Source: Reuters, metals’ prices updated by Shafaq News Agency

related

Gold prices inch up in the Iraqi capital today

Date: 2022-04-09 10:53:43
Gold prices inch up in the Iraqi capital today

PRECIOUS-Gold recovers from 9-month low on U.S. stimulus cheer

Date: 2021-03-08 09:38:10
PRECIOUS-Gold recovers from 9-month low on U.S. stimulus cheer

Gold rises against faltering dollar ahead of U.S. Senate Stimulus vote

Date: 2020-12-29 09:00:24
Gold rises against faltering dollar ahead of U.S. Senate Stimulus vote

Gold prices drop in the Iraqi capital today

Date: 2021-12-01 09:10:44
Gold prices drop in the Iraqi capital today

Weaker dollar boosts gold ahead of U.S. jobs data

Date: 2021-09-03 10:25:29
Weaker dollar boosts gold ahead of U.S. jobs data

Gold subdued as investors await policy cues from Fed meeting

Date: 2021-07-27 09:49:08
Gold subdued as investors await policy cues from Fed meeting

Gold prices drop in the Iraqi capital today

Date: 2022-01-27 12:59:24
Gold prices drop in the Iraqi capital today

Gold prices in the Iraqi local markets today

Date: 2021-10-13 11:25:08
Gold prices in the Iraqi local markets today