• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Monday, March 27, 2023
SLC Metro News
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

Gold Eases After Rally Fuelled By Powell Comment, U.S. Inflation Data Eyed – Reuters

gold-eases-after-rally-fuelled-by-powell-comment,-us.-inflation-data-eyed-–-reuters
Share on FacebookShare on Twitter
Register now for FREE unlimited access to Reuters.com
  • U.S. CPI data due at 1330 GMT
  • Higher-than-expected CPI number could push gold lower – analyst

Jan 12 (Reuters) – Gold prices eased on Wednesday as traders kept an eye out for U.S. inflation data for rate clues after less hawkish comments from the Federal Reserve chief fuelled a bullion rally in the previous session.

Spot gold was down 0.2% at $1,818.19 per ounce by 0351 GMT, retreating from a one-week high hit on Tuesday. U.S. gold futures were flat at $1,818.70.

“Fed Chair (Jerome) Powell’s confirmation hearing did not bring any additional hawkish rhetoric beyond what the market was already looking for,” said DailyFX currency strategist Ilya Spivak, adding that gold was in consolidation after rising more than 1% on Tuesday.

Register now for FREE unlimited access to Reuters.com

Powell said the central bank was determined to battle inflation and far from diminishing job growth, a turn to higher policy interest rates and a runoff of its asset holdings was necessary to keep the current economic expansion underway. read more

Benchmark 10-year yields retreated and the dollar slid to its weakest since November following Powell’s testimony.

Gold is considered a hedge against higher inflation, but the metal is highly sensitive to rising U.S. interest rates which increase the opportunity cost of holding non-yielding bullion.

“In the payrolls report that we saw last Friday, inflation was notably hotter than expected. If this carries over into the CPI number … I’d expect gold to come down around speculations that the Fed has to ultimately get more hawkish than it already is,” Spivak said.

U.S. inflation data is due at 1330 GMT, with core CPI, which excludes food and energy prices, seen rising by 5.4%, its highest in decades and up from 4.9% in the prior month.

Spot silver shed 0.1% to $22.74 an ounce, platinum fell 0.4% to $966.75 and palladium was down 0.1% at $1,918.97.

Register now for FREE unlimited access to Reuters.com

Reporting by Asha Sistla in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

SLC Metro News

© 2021 SLC Metro News

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 SLC Metro News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT