Gold prices recover as softer dollar lifts appeal

Gold prices inched higher on Monday, lifted by a softer dollar, as the bullion partially recovered from a slump last week on hot U.S. inflation data that cooled prospects of early rate cuts by the Federal Reserve.

inched higher on Monday, lifted by a , as the partially recovered from a slump last week on hot U.S. that cooled prospects of early by the Federal Reserve.

FUNDAMENTALS

* Spot gold was up 0.2% at $2,017.77 per ounce, as of 0050 GMT. Bullion lost 0.5% last week.

* U.S. gold futures edged 0.3% higher to $2,029.80 per ounce.

* The dollar index was down 0.1%, making greenback-priced bullion more affordable to overseas buyers.

* Last week, bullion fell to a two-month low after data showed consumer prices rose more than expected last month, but it recouped some of its losses later in the week after U.S. retail sales fell more than expected in January.

* Federal Reserve Bank of Atlanta President Raphael Bostic said that while he needs more data to convince him inflation pressures are truly falling, he's open to lowering rates at some point in the next few months.

* Chicago Fed President Austan Goolsbee cautioned against delaying rate cuts for too long even after data showed consumer prices rose more than expected in January.

* Traders have pushed back their expectations of a U.S. interest rate cut from March to June. Markets are currently pricing a 77% chance of a cut in June, according to the CME Fed Watch Tool.

* Most U.S. markets will remain closed on Monday for the President's Day holiday.

* Spot platinum fell 0.2% at $904.27 per ounce, palladium rose 1.2% at $960.76, while silver was down 0.2% at $23.35 per ounce.

Source: Commodities-Markets-Economic Times

Publicații recente
China response key to crude oil after new sanctions on Russia: Russell
17.01.2025 - 19:00
Oil prices slip lower; profit-taking after recent rally
17.01.2025 - 19:00
Maritime sources expect Houthis to halt Red Sea attacks after Gaza deal
17.01.2025 - 19:00
Canada minister says retaliatory tariffs could include critical minerals
17.01.2025 - 19:00
US gas supercycle is coming: Bernstein
17.01.2025 - 19:00
Morgan Stanley raises U.S. natural gas price forecast for 2025
17.01.2025 - 19:00
Trump's Treasury pick Bessent calls for stronger sanctions on Russia over Ukraine war
17.01.2025 - 19:00
Yemen's Houthis to continue attacks if Gaza ceasefire breached
17.01.2025 - 19:00
Oil settles lower on expected halt to Houthi shipping attacks
17.01.2025 - 19:00
US CDC recommends faster testing for bird flu in hospitalized patients
17.01.2025 - 19:00
Trump's pick to lead EPA says agency authorized, not required to regulate CO2
17.01.2025 - 19:00
Trump's Interior Department nominee says boosting energy key to US security
17.01.2025 - 19:00
Gold prices scales $2,700/oz level to over one-month high
17.01.2025 - 19:00
Biden administration moves to protect more of Alaska refuge from drilling
17.01.2025 - 19:00
Democratic states brace for Trump by launching defense of Biden policies
17.01.2025 - 19:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?