Gold inches higher as dollar softens ahead of Jerome Powell’s speech

Gold prices edged higher on Thursday as the dollar slipped, while investors looked forward to a speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole symposium for clues on interest rate hikes and the health of the economy.


* Spot gold was 0.1% higher at $1,753.01 per ounce, as of 0110 GMT.

* U.S. gold futures were up 0.3% at $1,766.

* The dollar ticked 0.2% lower, making gold less expensive for buyers holding other currencies, while benchmark U.S. 10-year Treasury yields held near multi-week highs hit in the previous session. [USD/] [US/]

* Investors are bracing for the Fed to double down on its commitment to crushing inflation, and expect Powell at the annual central bank gathering in Wyoming this week to deliver an aggressive tightening message and dash hopes for a rate cut next year.

* Higher interest rates increase the opportunity cost of holding non-yielding bullion while boosting the dollar.

* New orders for U.S.-manufactured capital goods increased in July, but the pace slowed from the prior month, while solid gains in shipments were also recorded in another sign that the economy continues to grow at a slow pace and was not in recession.

* Spot silver eased 0.2% to $19.13 per ounce, platinum inched down 0.1% to $876.16, and palladium rose 0.5% to $2,044.19.


0600 Germany GDP Detailed QQ SA, YY NSA Q2

0645 France Business Climate Mfg, Overall Aug

0800 Germany Ifo Business Climate New Aug

0800 Germany Ifo Curr Conditions New Aug

0800 Germany Ifo Expectations New Aug

1000 France Unemp Class-A SA July

1230 US GDP 2nd Estimate Q2

1230 US Initial Jobless Clm Weekly


(Reporting by Eileen Soreng in Bengaluru; Editing by Subhranshu Sahu)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Recent Posts

Scan to Download
ios&Android APP

Open trading account and start trading!

Join our happy customers