- Write by:
-
Tuesday, December 6, 2022 - 11:36:06
-
315 Visit
-
Print
Solid US economic data on Monday boosted the chances of higher interest rates for longer from the Fed, which is negative for bullion as it pays no interest. Treasury yields and the dollar extended gains after the figures were released, sending bullion down as much as 1.4%.
According to Mining News Pro - Gold fell as Treasury yields and the dollar rose, with traders assessing fresh US economic data for cues on the Federal Reserve’s rate policy along with China’s relaxation of its Covid-Zero policies.
Solid US economic data on Monday boosted the chances of higher interest rates for longer from the Fed, which is negative for bullion as it pays no interest. Treasury yields and the dollar extended gains after the figures were released, sending bullion down as much as 1.4%.
The Institute for Supply Management’s gauge of services rose to 56.5 last month from 54.4 in October. Readings above 50 signal growth, and the median projection in a Bloomberg survey of economists was 53.5. The prices-paid index edged down but remains elevated at 70 — well above pre-pandemic levels and suggesting inflation may be slow to dissipate.
The precious metal had been hurt by the US central bank’s aggressive rate hikes this year, although it rose above the key $1,800 level last week amid signs the Fed might be less hawkish.
“We see signs of buying exhaustion in gold, but a notable consolidation in prices will be needed before CTA trend followers spark renewed outflows,” said Daniel Ghali, senior commodity strategist at TD Securities.
Spot gold fell 1.1% to $1,777.15 an ounce as of 10:42 a.m. in New York. The Bloomberg Dollar Spot Index strengthened 0.4% after earlier falling as much as 0.4%, while 10-year Treasury yields rose above 3.6%. Silver and platinum dropped, while palladium was little changed.
Short Link:
https://www.miningnews.ir/En/News/622422
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
No comments have been posted yet ...