Gold retreats from three-week high as U.S. dollar stabilizes

Author of the article: Gold prices slipped on Monday to retreat from a three-week high scaled in the previous session, as the U.S. dollar regained some ground, making bullion more expensive for overseas buyers. FUNDAMENTALS Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia…
Gold retreats from three-week high as U.S. dollar stabilizes

Author of the article:

Gold prices slipped on Monday to retreat from a three-week high scaled in the previous session, as the U.S. dollar regained some ground, making bullion more expensive for overseas buyers.

FUNDAMENTALS

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

* Spot gold was down 0.5% at $1,672.30 per ounce, as of 0025 GMT. Bullion prices surged 3% on Friday as the dollar fell nearly 2% after U.S. jobs data raised hopes about the U.S. Federal Reserve being less aggressive on rate hikes going forward.

* U.S. gold futures were flat at $1,676.10.

* The dollar index reclaimed some lost ground to edge up 0.1%.

* Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the non-yielding asset.

* U.S. job growth increased more than expected in October, but the pace is slowing and the unemployment rate rose to 3.7%, suggesting some loosening in labor market conditions.

* Four Fed policymakers on Friday indicated they would still consider a smaller interest rate hike at their next policy meeting, despite new data showing another month of robust job gains and only small signs of progress in lowering inflation.

* Physical gold demand in India eased last week with jewelers awaiting a dip in domestic prices to stock up for the wedding season following a festival rush.

* Spot silver was down 1.6% at $20.49, platinum fell 1.4% to $947.40 and palladium lost 0.2% to$1,859.15.

DATA/EVENTS (GMT)

0300 China Exports, Imports YY Oct

0300 China Trade Balance Oct

0700 Germany Industrial Output MM Sept

0700 Germany Industrial production YY SA Sept

0700 UK Halifax House Prices MM, YY Oct (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips)

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Asian stocks rise on China reopening hopes, track Wall Street
Read More

Asian stocks rise on China reopening hopes, track Wall Street

Author of the article: HONG KONG — Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy. Wall Street ended sharply higher Monday as investors focused…
China state council’s think-tank met with property developers, banks -source
Read More

China state council’s think-tank met with property developers, banks -source

Author of the article: SHANGHAI/BEIJING — The think-tank of China’s state council held a meeting with real estate developers and banks in the southern city of Shenzhen, a source with direct knowledge of the meeting told Reuters, amid intensifying worries over a liquidity crisis in the country’s property sector. Participants at the meeting, which took…
New York Times acquires Wordle
Read More

New York Times acquires Wordle

Author of the article: The New York Times Co said on Monday it had acquired Wordle, a website-only word game that has seen a recent burst in popularity, for an undisclosed price in the low seven figures. The acquisition will help the New York Times broaden its digital content as it tries to reach the…
Rightmove CEO to leave next year, shares fall
Read More

Rightmove CEO to leave next year, shares fall

Author of the article: Reuters Aby Jose Koilparambil British real estate website Rightmove Plc said on Monday Peter Brooks-Johnson, its chief executive officer of five years, would leave the company next year, sending its shares nearly 6% lower. Under Brooks-Johnson’s leadership, London-based Rightmove cemented its dominant position in the market, offering steep discounts to agency…