PRECIOUS-Gold eases from one-week high as dollar rebound dims appeal

- Advertisement -


Oct 1 (Businesshala) – Gold prices fell on Friday after rallying to a week high from the key $1,750 level in the previous session, as the dollar rebounded and made the metal costlier for holders of other currencies Gave.

fundamentals

- Advertisement -

* Spot gold fell 0.1% to $1,754.64 an ounce on Thursday, following a fall in the dollar index.

- Advertisement -

* The dollar recovered most of those losses on Friday and began the final quarter of 2021 near its highest level of the year.

* US gold futures fell 0.1% to $1,755.90.

- Advertisement -

* Chicago Federal Reserve Bank President Charles Evans said on Thursday that the supply shocks that are pressing prices will ease next year, and that lower interest rates will still be needed to bring US inflation back to 2%.

* Bank of Japan policymakers saw growing risks to the economy in September from slowing Chinese growth, semiconductor shortages and Southeast Asian factory closures, which could affect growth projections at its next policy-setting meeting. Is.

*Gold has traditionally been viewed as an inflation hedge, although lower central bank incentives and higher interest rates increase government bond yields, which in turn translates into a higher opportunity cost for gold. Pays no interest.

* Thursday’s data showed an unexpected increase in weekly US jobless claims of 362,000, adjusted weekly for the week ended September 25. Economists had estimated 335,000 applications in a Businesshala poll.

* A majority of the US Senate on Thursday voted to keep the government fully operational this weekend when the new fiscal year begins.

* Silver fell 0.6% to $22.06 an ounce.

* Platinum fell 0.9% to $954.51 and palladium fell 0.1% to $1,907.96.

Data/Events (GMT) 0800 EU Market Manufacturing Final PMI September 1230 US Consumption, Adjusted MM August 1400 US ISM Manufacturing PMI September 1400 US US Sentiment Final September (Reporting by Nakul Iyer in Bengaluru; Editing by Subhranshu Sahoo)

.

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox