gold steadies after rate hike selloff
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Gold steadies after rate hike sell-off

Arab Today, arab today

Arab Today, arab today Gold steadies after rate hike sell-off

London - Arab Today

Gold inched higher on Friday as investors judged that a sell-off sparked by a rise in US interest rates this week had run its course and the dollar weakened, making bullion cheaper for holders of other currencies.
Spot gold was up 0.1 percent at $1,254.66 an ounce by 1411 GMT, having earlier hit $1,251.05, its lowest since May 24. US gold futures gained 0.1 percent to $1,256.4. Gold was on track for a second weekly loss and has fallen more than 3 percent from a high of $1,295.97 on June 6 as investors braced for the US Federal Reserve to raise interest rates and signal its policy outlook on Wednesday. Bullion is sensitive to higher interest rates because they push bond yields higher, increasing the opportunity cost of holding non-yielding gold, and tend to boost the dollar.
“Gold has been spooked by the hawkish tone from the Fed, which triggered some long liquidation both in futures and exchange-traded funds,” said Saxo Bank analyst Ole Hansen. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 1.5 percent to 27.4 million ounces in the week to Thursday. Fears of more rate increases this year were heightened on Thursday by strong US economic data, though housing numbers on Friday disappointed, pushing bond yields and the dollar lower.
Hansen said that a consistent run of strong data would be needed to give direction to the market. “Until we get that, gold will trade sideways with probably a slight negative bias,” he said. Commerzbank analysts wrote: “If the Fed were to follow a more aggressive approach, this could preclude any significant rise in gold prices for the rest of the year.”
Technical support for gold was around the 100-day moving average at $1,246-$1,250, Alex Thorndike, a trader at MKS PAMP, said in a note.
In other precious metals, silver was 0.3 down at $16.66 an ounce and heading for a weekly decline of about 2.9 percent, its biggest in six weeks. “Price action in both gold and silver of late seems to imply that traders still have plenty of short-term long positioning on their books,” said OANDA analyst Jeffrey Halley.
“It may leave both metals vulnerable to a further washout into the weekend.” Platinum gained 0.1 percent to $921 an ounce, having touched its lowest in more than a month on Thursday at $913.50. Palladium was down 0.8 percent at $862.75 and on track for its first weekly decline in four weeks.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gold steadies after rate hike selloff gold steadies after rate hike selloff

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gold steadies after rate hike selloff gold steadies after rate hike selloff

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms

GMT 19:56 2017 Thursday ,09 March

Qatar Pavilion Opens at ITB Berlin

GMT 23:34 2013 Thursday ,07 February

New BMW 3 Series Gran Turismo

GMT 12:57 2017 Friday ,13 October

JPMorgan open to digital money if regulated

GMT 04:38 2017 Friday ,10 March

ADNOC opens fifth ADNOC Xpress

GMT 10:30 2017 Friday ,10 November

BDF military contingent honoured

GMT 17:37 2017 Tuesday ,24 January

China jails former Sinopec president for graft

GMT 19:34 2017 Sunday ,14 May

Austria centre-right calls for snap elections

GMT 14:54 2014 Saturday ,29 November

Wall cladding, wallpaper, fabric and wood!
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday