Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

EURO / US DOLLAR (EUR/USD)

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

Gold set for worst week since March 2020 after hawkish Fed

06/17/2021 | 09:35pm EDT

June 18 (Reuters) - Gold prices edged higher on Friday, but were on track for their worst week since March 2020 after the U.S. Federal Reserve's hawkish message on monetary policy bolstered the dollar and bond yields, while denting bullion's appeal as an inflation hedge.

FUNDAMENTALS

* Spot gold was up 0.3% at $1,779.11 per ounce, as of 0100 GMT. However, prices have fallen 5.2% so far this week.

* U.S. gold futures edged 0.2% higher to $1,779 per ounce.

* The dollar index hit a two-month high and was headed for its best week in nearly nine months, making gold more expensive for holders of other currencies.

* The benchmark 10-year yield held firm above 1.50%, increasing the opportunity cost of holding non-interest bearing gold.

* Fed officials have begun telegraphing an exit from the central bank's extraordinarily easy monetary policy that so far is smoother and signalled to be speedier than when the reins were tightened after the last crisis.

* Higher interest rates will dull gold's appeal as they translate into a higher opportunity cost of holding it.

* Indicative of sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,041.99 tonnes on Thursday.

* A sharp spike in energy prices and more expensive services boosted euro zone consumer inflation in May as expected, data confirmed on Thursday, taking the rate of price growth just above the European Central Banks target.

* The Bank of Japan is expected to maintain its massive stimulus and may extend a deadline for its pandemic-relief programme at the end of its two-day policy meeting on Friday.

* The White House will consider arranging talks between U.S. President Joe Biden and his Chinese counterpart, Xi Jinping, as the two countries spar over issues including human rights, a top U.S. official said.

* Silver rose 0.7% to $26.12 per ounce, palladium gained 0.7% to $2,513.88, while platinum climbed 1% to $1,068.40.

DATA/EVENTS (GMT) 0600 UK Retail Sales MM, YY May 0600 UK Retail Sales Ex-Fuel MM May (Reporting by Brijesh Patel in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2021
All news about EURO / US DOLLAR (EUR/USD)
07/30BRAINARD : If inflation moves persistently, materially above target, fed would a..
RE
07/30Fed's taper timing depends on progress on jobs, Brainard says
RE
07/30Corn, soy futures sag on end-of-month selling; U.S. weather eyed
RE
07/30Euro Gains 0.09% to $1.1869 -- Data Talk
DJ
07/30The WSJ Dollar Index Falls 0.04% to 86.98 -- Data Talk
DJ
07/30Sterling Gains 0.51% to $1.3901 -- Data Talk
DJ
07/30Dollar Lost 1.28% to 109.69 Yen -- Data Talk
DJ
07/30DOW JONES FXCM DOLLAR INDEX : Royal Bank of Canada On the Bank of Canada and Tap..
MT
07/30DOW JONES FXCM DOLLAR INDEX : BMO Economics With No Changes To Its Forecast Esti..
MT
07/30Dollar rises but still set for biggest weekly loss since May
RE
More news
Chart EURO / US DOLLAR (EUR/USD)
Duration : Period :
Euro / US Dollar (EUR/USD) Technical Analysis Chart | EURUSD | MarketScreener
Technical analysis trends EURO / US DOLLAR (EUR/USD)
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral