- Write by:
-
Wednesday, April 14, 2021 - 7:15:06 PM
-
461 Visit
-
Print
Mining News Pro - Gold prices rebounded on Tuesday from their lowest levels in more than a week after new data showing a sharp rise in US inflation bolstered bullion’s appeal as an inflation hedge and weighed on the dollar.
Spot gold reversed to a gain of 0.7% to $1,746.41 an ounce by 1:40 p.m. EST, after hitting an intraday low of $1,723.67 earlier in the session. US gold futures advanced 0.8% to $1,747.30 an ounce in New York.
Meanwhile, US consumer prices rose by the most in more than 8-1/2 years in March, kicking off what most economists expect will be a brief period of higher inflation.
The US dollar slipped to three-week lows after the data, making gold cheaper for holders of other currencies. Benchmark 10-year Treasury yields also drifted lower, which supported gold prices further.
“We needed to see some inflation to get gold moving and we saw it this morning with that CPI number,” Bob Haberkorn, senior market strategist at RJO Futures, told Reuters.
Further supporting safe-haven gold were concerns raised by US health officials’ decision to recommend a pause in the use of Johnson & Johnson’s covid-19 vaccine, analysts said.
“At the moment, we need to see a decisive breakout above $1,765 in order to spark another wave of buying up to $1,800,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
“The $1,750 level has been a strong resistance, so we’re getting up near that level,” he said, adding that geopolitical risk tied to news of Iran stepping up its nuclear enrichment had also sparked buying in precious metals.
Short Link:
https://www.miningnewspro.com/En/News/612134/

Mining News Pro - Marathon Gold reports that the environmental assessment (EA) report for the Valentine gold project has ...

Mining News Pro - Aurelius Minerals has released an initial mineral resource estimate on its Aureus East gold project in ...

Mining News Pro - The air is hot, gritty and tastes metallic inside Australia’s largest coal-fired electricity plant, ...

Mining News Pro - SilverCrest Metals said Thursday it has begun commissioning the processing plant at its Las Chispas ...

Mining News Pro - Canada’s B2Gold is buying Australian explorer Oklo Resources in a deal valued at A$90 million ($64m) ...

Mining News Pro - Integra Resources has released results of drilling at its DeLamar gold-silver project in southwestern ...

Mining News Pro - First Majestic Silver will sell its past producing La Guitarra silver mine, located in the ...

Mining News Pro - A technology that enhances the extraction process of a number of metals and that was developed by ...

Mining News Pro - The Biden administration on Wednesday is outlining new pollution restrictions that would thwart a ...
No comments have been posted yet ...