Gold pulls back from two-week high on stronger dollar; Fed minutes on tap
A firmer dollar pressured bullion, while softer U.S. jobs data kept traders from pricing in a near-term Federal Reserve rate hike.
- On Monday, the All-Pakistan Gems and Jewellers Sarafa Association reported gold prices in Pakistan fell Rs2,400 to Rs437,436 per tola, mirroring losses in international markets.
- Bullion retreated from two-week highs as the U.S. dollar gained 0.1%, making greenback-priced gold more expensive for international investors and exerting pressure on the precious metal.
- "The US dollar index is a little higher today, and that is a daily bearish element," said Jim Wyckoff, market analyst at American Gold Exchange, echoing broader analyst concerns.
- Markets are monitoring FOMC Meeting Minutes for interest rate signals after U.S. payroll data showed a cooling labour market, with JP Morgan capping bullion price forecasts at $4,300 in the third quarter.
20 Articles
20 Articles
Gold down as markets await Fed meeting minutes for policy direction
Gold prices declined Tuesday, trading below recent highs. Investors await U.S. Federal Reserve minutes for policy direction. U.S. services sector activity dipped, but employment showed stability. Bullion prices retreated from earlier record highs this year. Perth Mint gold sales reached a two-month peak in June.
With few economic directors, future gold contracts closed high this Monday, driven by the fall in Treasury revenues (Treasuries headlines) and by the fall in high interest bets by the Federal Reserve (Fed). Labour market data below what was expected last week and the more flexible tone of the president of the central bank, Kevin Warsh, dissolved part of the pessimism of the market as to the direction of monetary policy and supported the asset. A…
Gold prices fell globally on Monday after reaching their highest level in two weeks, pressured by a slight rise in the US dollar. However, expectations of a slower pace of US interest rate hikes limited the precious metal's losses.
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Gold Holds Near Two-Week High as Softer U.S. Jobs Data Strengthens Rate Cut Expectations
Gold prices remained close to a two-week high on Monday as investors continued to react to weaker-than-expected U.S. employment data that reduced expectations for additional interest rate increases by the Federal Reserve. The latest economic figures have renewed optimism that the central bank may take a more cautious approach to monetary policy, providing fresh support for the precious metal.
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