Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Gold retreats as firmer dollar halts Fed-inspired rally

07/30/2021 | 02:06pm EDT

* Silver heads for first weekly gain in four

* Platinum down more than 1%

* Gold up 0.7% so far this week

July 30 (Reuters) - Gold prices eased on Friday, with a firmer dollar curtailing the precious metal's brief rally spurred by U.S. Federal Reserve Chair Jerome Powell's reassurance that a rate hike was not on the cards for the time being.

Spot gold slipped 0.8% to $1,814.00 per ounce by 1:48 pm EDT. U.S. gold futures settled 1% down at $1,817.20.

Gold hit a two-week peak on Thursday after Powell said the U.S. job market still had some ground to cover before the Fed would pull back support. It was also on track for a weekly gain.

Bob Haberkorn, senior market strategist at RJO Futures said data showing a rise in core inflation at a slightly slower-than-expected pace last month, coupled with a stronger dollar, was weighing on gold.

Gold is traditionally seen as a hedge against inflation.

Haberkorn also said: "Gold still looks strong at these levels and the fact the Fed didn't really say anything that is going to change course on asset purchases or rate hikes adds strength to the market."

Lower government bond yields decrease the opportunity cost of holding gold, which pays no interest.

The dollar index, which had slipped to a one-month low earlier, was up 0.3%, reducing gold's appeal for other currency holders.

Jeffrey Christian, managing partner at CPM Group, expects gold to break below $1,770 and silver below $25 over the course of August.

"There were a lot non-traditional gold and silver investors that bought the metals after last year's spike in August and prices haven't got back to that level, so you have a lot of investors saying 'this isn't happening, I'm going to move my money elsewhere'."

Silver fell 0.3% to $25.45 but was on track for its first weekly gain in four.

Palladium gained 0.5% to $2,659.19, while platinum fell 1.1% to $1,048.81. (Reporting by Nakul Iyer in Bengaluru; Editing by Anil D'Silva and Jane Merriman)

ę Reuters 2021
Latest news "Economy & Forex"
04:23pEnergy Up As Oil Futures Test Recent Highs -- Energy Roundup
04:14pFor the week, the s&p 500 rose 0.5%, the dow rose 0.6% and the nasdaq rose 0.02% (nasdaq rose 0.02%, not 0.0%)
04:10pDollar climbs as Evergrande uncertainty percolates
04:02pS&P 500 ends slightly up after bumpy week, but Nike drags
04:01pFor the week, the s&p 500 rose 0.5%, the dow rose 0.6% and the nasdaq rose 0.0%
04:00pS&P 500 ends slightly up after bumpy week, but Nike drags
03:47pRetailer EG Group to impose 30 stg limit on fuel in UK
03:31pEg group says decision excludes hgv drivers and emergency services
03:30pEg group says decision due to current unprecedented customer demand for fuel and associated supply challenges
03:30pU.s. says huawei caused skycom to conduct banking transactions that cleared through the united states, and violated u.s. law because some of the transactions supported its work in iran
Latest news "Economy & Forex"