- Write by:
-
Tuesday, August 23, 2022 - 13:10:14
-
418 Visit
-
Print
Mining News Pro - Gold dropped for a sixth day with the dollar and Treasury yields pushing higher as traders await clues on central banks’ monetary tightening from the annual Jackson Hole meeting.
Investors sought haven in the greenback amid a risk-off mode in the broader financial markets, with the US equities retreating and the benchmark 10-year Treasury yield above 3%. A stronger dollar and higher bond yields are bad for bullion as it pays no interest and is priced in the US currency.
All eyes will be on Chair Jerome Powell when he speaks Friday at the annual gathering of central bankers at Jackson Hole. He is expected to re-state the Fed’s resolve to keep raising rates to get inflation under control, though he’ll probably stop short of signaling how big officials will go when they meet next month.
“The market will be looking for Chair Powell to push back on pivot talk amid the notable easing in financial conditions sparked by his last remarks, and to instead provide a clear message that the Fed will need to get restrictive,” TD Securities commodity strategists led by Bart Melek said in a note. “Should Powell meet these expectations, market pricing for rate cuts should subside, suggesting speculative appetite in precious metals could dry up even further.”
Spot gold fell as much as 1.1% to $1,727.84 an ounce, the lowest intraday level since July 27, and traded at $1,736.54 as of 1:56 p.m. in New York. Bullion for December delivery slipped 0.8% to settle at $1,748.40 on the Comex. The Bloomberg Dollar Spot Index rose 0.6%. Spot silver, platinum and palladium declined.
Short Link:
https://www.miningnews.ir/En/News/622040
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Japan’s top steelmaker, Nippon Steel, is sticking to its plan to close a deal by year-end to buy US Steel, which it ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
Copper briefly traded through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
No comments have been posted yet ...