PRECIOUS-Gold eases off 2-month peak as dollar rises

- Advertisement -

November 10 (Businesshala) – Gold prices slipped from more than two-month highs on Wednesday, as a rally in the dollar hurt bullion’s appeal.


- Advertisement -

* Spot gold fell 0.2% to $1,827.05 an ounce as of 0255 GMT, its highest level since Sept. 3 in the earlier session.

- Advertisement -

* US gold futures ended 0.1% lower at $1,829.70.

* The dollar index rose 0.1%, raising the price of gold for buyers holding other currencies.

- Advertisement -

* Two of the highest-ranking US central bank policymakers said on Tuesday they expect to get more clarity on the post-pandemic economic outlook by next summer, when the Federal Reserve is expected to end its asset purchases.

* The Federal Reserve looks at a wide range of indicators to see how close the economy is to reaching full employment, Fed Chair Jerome Powell said.

* Euro area inflation is likely to fall below 2% at the end of next year, but the European Central Bank should be prepared for a less benign scenario, avoiding lengthy policy commitments as upside risks dominate, Dutch policymaker Klaas Knott he said.

* Easing monetary policy to boost economic growth amid the pandemic has propelled gold prices to new highs in the past two years, as near-zero interest rates cut the opportunity cost of holding non-yielding bullion .

* US manufacturer prices rose solidly in October, driven by rising costs for gasoline and automotive retail, suggesting that high inflation could persist for some time amid tight global supply chains related to the pandemic.

* China’s factory gate prices rose at their fastest pace in 26 years in October, forecasting further gains for producers already grappling with rising coal prices and other commodity prices due to power shortages. Margins were reducing.

* Spot silver fell 0.1% to $24.25 an ounce. Platinum was down 0.6% to $1,052.68, while palladium gained 0.4% to $2,027.97.

Data/Events (GMT) 1330 US CPI MM, October (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)


- 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