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Thursday, May 19, 2022

Gold Prices Edge Down As Dollar Steadies After Inflation Data

Gold Prices Edge Down As Dollar Steadies After Inflation Data© Reuters. Gold prices edged down on Friday

Investing.com – Gold prices edged down on Friday as the dollar bounced from a fall after the CPI figures missed in America.

for June delivery on the Comex division of the New York Mercantile Exchange was down $2.0 or 0.15%, to $1,320.30 a troy ounce by 12:52AM ET (04:52 GMT).

Meanwhile, the dollar retreated from this year’s high after the U.S. released soft data, but rose slightly against the other major currencies on Friday in Asia as sentiment picked up as investors trimmed expectations for four rate hikes after the slower-than-expected inflation report showed prices pressures remained weak.

The that tracks the greenback against a basket of six major currencies last stood at 92.59, up 0.01%. 

The greenback reached this year’s new high on Wednesday at 93.22, then continued to slip back on Friday to trade below the 93 level. Its uptrend since mid-April is still intact, however.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

In other precious metal trade, fell 0.14% to $16.735 a troy ounce, and slipped 0.22% to $925.60 an ounce.

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Source: Investing.com

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