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Saturday, December 3, 2022

Gold near 3-week peak

NEW YORK: Gold prices steadied on Monday near a three-week peak hit in the previous session, buoyed by a weaker dollar, while investors looked forward to US inflation data later this week that could influence the size of Federal Reserve rate-hike.

Spot gold was little changed at $1,677.04 per ounce by 10:34 a.m. ET (1534 GMT), after rising more than 3% to its highest since Oct. 13 at $1,681.69 on Friday. US gold futures rose 0.4% to $1,683.20.

“Some weakness in the dollar, yields are ticking down slightly and that’s what’s helping gold and the whole precious metal complex,” said Bob Haberkorn, senior market strategist at RJO Futures.

The dollar extended losses to a more than one-week low, making gold more attractive for other currency holders.

Data on Friday showed US employers hired more workers than expected in October, but a rise in the unemployment rate to 3.7% raised hopes that the US central bank would be less aggressive on rate hikes going forward.

Gold near 3-week peak

Source: Brecorder

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