- Home
- Gold...
Gold prices dip as dollar steadies with eyes on inflation
Investing.com-- Gold prices fell slightly in Asian trade on Wednesday, extending losses from the prior session as traders remained largely biased towards the dollar in anticipation of key U.S. inflation data.
The yellow metal also stuck to a trading range- around the low $2,300 an ounce range- established through most of June, as the prospect of high U.S. rates clouded its price outlook.
Spot gold fell 0.1% to $2,317.02 an ounce, while gold futures expiring in August fell 0.1% to $2,328.40 an ounce by 00:17 ET (04:17 GMT).
Gold prices rangebound with PCE inflation on tap
The yellow metal trended lower this week, with trading volumes remaining limited as markets awaited PCE price index inflation data due this week.
The reading, which is due on Friday, is the Federal Reserve’s preferred inflation gauge, and is likely to factor into the central bank’s outlook on interest rates.
Recent signs of resilience in the U.S. economy- from strong purchasing managers index data and consumer confidence readings- sparked fears that the Fed will have enough headroom to keep rates high for longer. Several Fed officials echoed this notion this week.
A revised reading on first quarter gross domestic product is also set to offer more cues on the U.S. economy this week.
Other precious metals rose on Wednesday, although gains were muted by concerns that high-for-longer interest rates will dent their prices in the coming months. Strength in the dollar, which remained close to two-month highs, also weighed on metal prices.
Platinum futures rose 0.6% to $1,005.25 an ounce, while silver futures rose 0.2% to $29.258 an ounce.
Copper prices muted amid China caution
Among industrial metals, copper prices traded sideways on Wednesday and were nursing steep losses through June amid growing caution over top importer China.
Benchmark copper futures on the London Metal Exchange fell 0.1% to $9,561.50 a tonne, while one-month copper futures steadied at $4.3695 a pound.
The prospect of a trade war between China and the West dampened sentiment towards copper, especially following the introduction of steep import tariffs on Chinese electric vehicles in the European Union and the U.S.
The tariffs also herald more headwinds for the EV industry, which is pegged to be a major source of copper demand in the coming years.
- https://www.msn.com/en-ph/news/other/gold-prices-dip-as-dollar-steadies-with-eyes-on-inflation/ar-BB1oU36T?ocid=00000000
Related
Subic's Hometown Café Is Home to Breakfast, Coffee, and Stories
Hometown Café champions Filipino stories through good food and coffee.
NewsMLM: Bad business model for doctors
In this article, I will answer some key questions about doctors using or intending to use the multilevel marketing (MLM) compensation scheme to recruit other doctors as prescribers of critical illness medicines, such as those for cardiovascular diseases, hypertension, and diabetes. ProPublica, a nonprofit newsroom that investigates abuses of power, has gathered evidence that doctors who receive payments or other forms of compensation from...
NewsEala proud of first Wimbledon performance
(UPDATE) ALEX Eala may not have made it to the Wimbledon main draw but she's proud of the high level of play she displayed in her first go in the England tournament. Eala's bid to become the first Filipino female netter to play in a Grand Slam main draw ended when she fell to Kiwi Lulu Sun, 6-7 (3), 5-7, in the third and final round of the qualifiers on June 27. "What a way to experience my first Wimbledon! Proud to have reached the final round...
NewsEx-Cabinet man lobbied for illegal POGOs – PAGCOR
MANILA, Philippines — A former Cabinet official facilitated the grant of gaming licenses to Philippine offshore gaming operators (POGOs), according to the Philippine Amusement and Gaming Corp. In a statement, PAGCOR chief executive officer Alejandro Tengco said that those investigating the suspicious activities of former POGO licensees must also look into the role of former officials and their conduits in the grant of licenses to POGO applicants...
NewsDua Lipa floors fans as she brings out Aussie icon Tame Impala for 'unforgettable' duet during much-awaited Glastonbury headlining set
The singer, 28, headlined the world-famous music festival for the first time this year, performing an impressive medley of her best-loved hits at Worthy Farm in Somerset.
NewsApparently, Deer and Elk Don't Care About Your Loud UTV or ATV
They do, however, care if you're talking too damn loud.
NewsNew Yorkers weigh in after presidential debate between Trump and Biden
Americans weigh in after the 2024 presidential debate between Donald Trump and President Joe Biden in New York City.
News