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 rises but set for weekly loss as dollar holds ground

09/17/2021 | 12:07am EDT

(Adds comments and technicals, updates prices)

* Gold may retest support at $1,744/oz - technicals

* Dollar holds close to near-three week peak

Sept 17 (Reuters) - Gold prices rebounded on Friday after sliding to an over one-month low in the previous session, though a firm dollar set the metal on course for a weekly decline as investors awaited next week's U.S. Federal Reserve policy meeting.

Spot gold rose 0.5% to $1,762.55 per ounce by 0716 GMT, while U.S. gold futures gained 0.4% to $1,762.80. The precious metal has declined 1.6% this week.

"While support at $1,750 has so far held with some speculative short-covering lifting prices, the bounce looks anaemic and gold faces another test of $,1750 as the dollar remains firm," said Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA.

The dollar held close to a near three-week peak on Friday, increasing gold's cost for buyers holding other currencies.

On the technical front, gold may end its bounce in a resistance zone of $1,763-$1,768 per ounce, and retest a support at $1,744, according to Reuters technical analyst Wang Tao.

Bullion slipped as much as 2.7% on Thursday, as the dollar index jumped after an unexpected increase in U.S. retail sales last month raised expectations of the Federal Reserve potentially reducing its stimulus sooner.

The Federal Open Market Committee's two-day policy meeting is due to be held on Sept. 21-22.

Reduced central bank stimulus tends to lift bond yields, which raises the opportunity cost of holding non-interest bearing gold. It also helps boost the dollar, further weighing on bullion.

Michael Langford, director at corporate advisory AirGuide, also said "the unpublished European Central Bank inflation estimate has driven short term sentiment against gold at the prospect of rate rises potentially happening earlier than expected."

Silver was flat at $22.94 per ounce, after hitting its lowest in more than a month on Thursday.

Platinum rose 1.1% to $942.76, while palladium dipped 1.3% to $2,007.95.

(Reporting by Nakul Iyer in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)

ę Reuters 2021
Latest news "Economy & Forex"
05:41pSTELLANTIS N : Michigan judge tosses GM lawsuit against Fiat Chrysler
04:47pUk government to fund new nuclear power station as part of net zero drive - the telegraph
04:47pUK to fund new nuclear power station as part of net zero drive - The Telegraph
03:26pU.s. cdc says as of october 17 10,461,286 people received a booster dose for covid-19 vaccine since august 13, 2021
03:26pU.S. CDC Says Administered 408,265,959 Doses Of Covid-19 Vaccine As Of Oct 17
03:25pU.s. cdc says 189,141,481 individuals have been fully vaccinated against covid-19 as of oct 17 versus 188,902,483 individuals as of oct 16
03:25pU.s. cdc says 218,805,579 individuals have received at least one dose of covid-19 vaccine as of oct 17 versus 218,562,924 individuals as of oct 16
03:24pU.s. cdc says administered 408,265,959 doses of covid-19 vaccine as of oct 17 versus 407,446,961 doses administered as of oct 16
03:02pPRESIDENCY OF REPUBLIC OF TURKEY : President Erdoğan in Angola
02:39pU.S. Coast Guard boards ship in connection with California oil spill
Latest news "Economy & Forex"