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Friday, June 2, 2023

Gold prices slip

NEW YORK: Gold prices slipped on Monday, weighed down by a firm dollar and elevated US bond yields, while expectations of another hefty rate hike by the Federal Reserve kept investors on the sidelines. Spot gold fell 0.4% to $1,650.55 per ounce by 12:50 p.m. ET (1650 GMT). US gold futures eased 0.1% to $1,655.00.

The dollar gained 0.1% against its rivals, making greenback-priced bullion more expensive for overseas buyers, while benchmark 10-year Treasury yields hovered near their recent peak.

“The market is still in wait-and-see mode… what will the Fed signal as far as the weakness they’re seeing in the economy… that for the short term should be somewhat supportive for gold,” said Edward Moya, senior analyst with OANDA.

But “inflation is a hard beast to kill. The Fed is going to take its time with these rate hikes before signalling that pivot.” Markets have priced in a 75-basis-point interest rate hike by the Fed in November, but are now scaling back bets for a similar hike in December after reports that Fed officials will likely debate the size of future increases.

Gold prices slip

Source: Brecorder

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