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 set for second weekly loss as firmer dollar dents appeal

09/16/2021 | 09:12pm EDT

Sept 17 (Reuters) - Gold prices were set for a second weekly loss as a firmer dollar dented the metal's allure for holders of other currencies while investors await a key U.S. Federal Reserve meeting for clues on how soon the central bank will start to taper stimulus.


* Spot gold was flat at $1,754.86 per ounce, as of 0037 GMT on Friday.

* Bullion slipped as much as 2.7% on Thursday, and dropped 1.8% so far this week.

* U.S. gold futures fell 0.1% to $1,755.00.

* The dollar held near three-week highs against a basket of major currencies after a raft of strong U.S. economic data rekindled expectations for earlier policy tightening by the U.S. Federal Reserve.

* U.S. retail sales unexpectedly increased in August, likely tempering expectations for a sharp slowdown in economic growth in the third quarter.

* The Federal Open Market Committee's two-day policy meeting is due to be held on Sept. 21-22 and could provide clues as to when the U.S. central bank will start withdrawing its asset purchases.

* 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.

* Economists in a Reuters poll pushed their expectations back to November for when the U.S. Federal Reserve could began tapering, as surging Delta variant cases likely derailed an economic recovery in the third quarter.

* European Central Bank chief economist Philip Lane revealed in a private meeting with German economists that it expects to hit its 2% inflation goal by 2025, the Financial Times said on Thursday.

* Bullion is often viewed as a hedge against inflation.

* Silver was flat at $22.93 per ounce, after hitting its lowest in more than a month on Thursday.

* Platinum rose 0.6% to $938.88, while palladium dipped 0.1% to $2,032.31. DATA/EVENTS (GMT) 0600 UK Retail Sales MM, YY Aug 1400 US U Mich Sentiment Prelim Sept (Reporting by Nakul Iyer in Bengaluru; Editing by Sherry Jacob-Phillips)

ę Reuters 2021
Latest news "Economy & Forex"
03:08aChina coal futures fall for a fourth day as govt intervenes
03:07aSudan's information ministry calls for immediate release of detainees and rejects coup attempt
03:06aSudan facing full military coup, call on people to block military's efforts to block democratic transition - information ministry to reuters
03:06aPayPal says it is not pursuing acquisition of Pinterest
03:04aPCBS PALESTINIAN CENTRAL BUREAU OF STATISTICS : The Preliminary Results of the Palestinian Registered External Trade In Goods for August, 08/2021
03:03aExxon calls for carbon price, working on CCS projects across Asia
03:00aOil prices extend gains to multi-year highs on tight supply
02:56aHong Kong's zero-COVID policy undermining financial hub status - industry group
02:55aCHINA EVERGRANDE NEW ENERGY VEHICLE : Evergrande, EV unit shares jump after chairman signals business shift
02:53aS.Korean stocks end higher, investors eye key corporate earnings
Latest news "Economy & Forex"