Dollar Holds Losses as Markets Await Fed Minutes, Speakers
Bullion recovered after Treasury yields slipped from multi-year highs, with spot gold near $4,130 an ounce, market reports said.
- Spot gold fell 0.2% to $4,164.45 per ounce on Tuesday as a strengthening USD made dollar-denominated metals more expensive for international buyers.
- Markets are bracing for United States inflation data, with the Consumer Price Index due Wednesday and the Producer Price Index scheduled for Thursday, reports that could reshape Federal Reserve policy.
- Traders currently see only a 21% chance of a Fed rate hike this month, but the CME FedWatch tool indicates an 88% probability of an increase by December.
- Cleveland Fed President Beth Hammack said the Fed should move "relatively quickly" to a more restrictive policy stance, as inflation has become broader-based and is influencing firms' price-setting plans.
- On the geopolitical front, Saudi Arabia reported facing a new barrage of incoming fire, with Riyadh airport remaining shut following a strike claimed by Yemen's Iran-allied Houthis.
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The escalation of the situation in the Middle East significantly influenced the situation.
The dollar is still near its 1.5-year high at the beginning of the week, with investors focused on Middle East tensions and Wednesday's US inflation data. Yemen's Houthis have stepped up their attacks on Saudi energy facilities, but the price of Brent crude fell to $103.3 after US President Donald Trump announced a ceasefire in the Ukraine-Russia energy dispute. The forint started the week above 365 against the euro and around 326 against the do…
Gold prices rose on Monday, supported by a weaker dollar and lower oil prices, as investors awaited key U.S. inflation data this week for clues about the Federal Reserve's next monetary policy move. Spot gold rose 0.3% to $4,206.01 per ounce by 02:53 GMT, after hitting its highest level since October 2 earlier in the day. U.S. gold futures for December delivery also rose 0.3% to $4,230.40. Among other precious metals, spot silver rose 0.5% to $6…
The strengthening of the dollar continues as strong oil prices press the currencies of energy-importing countries and fears of global inflation persist
Gold is getting more expensive amid a weakening dollar and lower oil prices
Gold is getting more expensive amid a weakening dollar and lower oil prices. At the maximum, the price of the December futures on the Comex exchange reached $4,232.9 per ounce.As of 13:44 Moscow time, the contract was trading at $4,305.87 per ounce...
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