gold: Gold set for monthly drop as recent gains in US yields, dollar weigh
[ad_1]
FUNDAMENTALS
* Spot gold was up 0.2% at $1,946.17 per ounce by 0114 GMT, trading close to a one-month high hit on Wednesday. US gold futures steadied at $1,973.10.
* Bullion is on track for a nearly 1% monthly decline as the US dollar eyes its first monthly rise in three and US Treasury yields see their fourth consecutive monthly climb having reached 2007 levels last week.
* The US economy grew at a slightly less brisk pace than initially thought in the second quarter. Investors are now awaiting the PCE inflation data later in the day, and the non-farm payrolls report on Friday.
* The Fed can end its interest rate hiking cycle if the labor market and economic growth continue to slow at the current gradual pace, the former president of the Boston Fed said on Wednesday.
* Japan’s seasonally adjusted factory output fell more than expected in July from the previous month. * SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings edged 0.1% higher to 890.10 tons on Wednesday.
* Elsewhere, spot silver was steady at $24.66 per ounce, having climbed to a more-than-one-month high on Wednesday.
* Platinum added 0.3% to $977.02 as it heads for its second consecutive monthly gain. Palladium rose 0.5% to $1,228.42, but was set for a 4% monthly fall.
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
[ad_2]
Source link
