News: XAU 2022-11-17 02:16

Gold stalls near multi-month peak on softer dollar

Gold stalled near a three-month peak on Wednesday, buoyed by a softer dollar, while the market focus shifted from global tensions to the Federal Reserve’s interest rate strategy.

Spot gold was 0.16% lower at $1,775.39 per ounce, while U.S. gold futures were slightly higher at $1,778.9 per ounce.

News that stoked geopolitical tensions had a limited impact on gold, Daniel Ghali, commodity strategist at TD Securities, said, adding there would be a lull until fresh information on U.S. inflation.

Bullion held near peaks hit on Tuesday that were the highest since Aug. 15, following reports of a missile killing two people in Poland near the border with Ukraine.

It gave up some of its gains after U.S. President Joe Biden said the weapon may not have been fired from Russia, easing concerns of a major escalation.

The cooling tensions also curbed appetite for gold’s rival safe haven the dollar, but that in turn made bullion cheaper for overseas buyers.

Gold also got a lift as benchmark 10-year yields were near their lowest since Oct. 5.

Traders took stock of data showing U.S. retail sales increased more than expected in October, while data on Tuesday showed a smaller-than-expected increase in U.S. producer prices in October that had raised hopes the Fed could slow rate hikes.

Rising rates reduce the appeal of non-yielding bullion.

“It’s possible in the very near term that we continue to see this move higher resulting from short-covering but beyond the $1,850 threshold that will probably subside, and we are looking for gold prices to weaken thereafter,” Ghali added.

Silver slipped 0.31% to $21.47 per ounce, platinum fell 0.6% to $1,008.62 and palladium fell 1% to $2,076.6.

#XAUUSD #XAU #gold #dollar

Recent events
2023-02-02 17:53
News 593
ECB hikes rates by 50bp

The European Central Bank has hiked interest rates by 50bp and made a quasi-announcement of a further 50bp hike in March...

2023-02-01 19:52
News 44636
German labour market starts the year off strongly

Only a small increase in unemployment in January shows that the labour market remains an important source of resilience ...

2023-01-31 16:36
News 506
Eurozone avoids contraction but domestic demand falters

A resilient eurozone economy managed to grow by 0.1% in the fourth quarter, but this likely masks a contraction in house...

2023-01-31 12:58
News 258
China: PMI positively surprises the market

USDCNY fell to around 6.75 after the PMI data release came in better than expected
Surprise from the non-manufact...

2023-01-30 17:58
News 572
German economy falls into winter recession

So much for reliable statistics! The German economy contracted in the fourth quarter of 2022 after the first tentative s...

2023-01-28 17:21
News 861
Pressure on BOJ Grows

Market movers today
In the US, household spending probably declined in December, with high-frequency indicators s...

2023-01-28 17:19
News 389
Australian dollar shrugs as PPI falls

The Australian dollar is almost unchanged on Friday, trading at 0.7112.

Australia’s PPI slips

2023-01-28 17:13
News 21611
Exclusive: Top U.S. Treasury official to warn UAE, Turkey over sanctions evasion

The U.S. Treasury Department's top sanctions official on a trip to Turkey and the Middle East next week will warn countr...

2023-01-28 17:07
News 876
Dollar clings to gains after U.S. data; traders eye Fed next week

The dollar clung to modest gains against the euro on Friday after data showed falling U.S. consumer spending and cooling...

2023-01-28 17:01
News 661
Gold en route to sixth weekly gain; focus shifts to Fed

Gold steadied on Friday with gains capped by a stronger dollar, but the metal was still set for a sixth straight weekly ...

2023-01-28 16:50
News 22231
Oil prices settle lower on stronger supply outlook

Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil suppl...

2023-01-28 16:46
News 546
Chinese PMIs And Potential Commodity Currency Recovery

With lingering questions on how much of an impact China’s reopening will have on the global economy, there’s likely ...

2023-01-28 16:32
News 690
Will the Fed add a hawkish flavor to a smaller hike?

With some Fed officials corroborating investors’ view of a quarter point increase, Wednesday’s FOMC gathering will l...