author

Author: Don Obrien

Gold Up, But Gains Capped by Stronger Dollar By Investing.com



© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia. However, a strengthening and data showing persistent inflation that fueled bets of a sooner-than-expected policy tightening by the U.S. Federal Reserve capped the yellow metal’s gains.

edged up 0.13% to $1,786.15 by 12:03 AM ET (4:03 AM GMT), remaining below the $1,800 mark after dropping to an over one-week low on Friday. The dollar, which usually moves inversely to gold, inched up on Monday after hitting its highest level since Oct. 13 on Friday.

U.S. data released on Friday challenged the Fed’s position that current inflationary pressures are temporary and will ease soon. The personal consumption expenditures price index continued a run of inflation at levels not seen in 30 years. It was at 4.4 while growing 0.3% , in September.

However, U.S. Treasury Secretary Janet Yellen said on Friday that she still views inflation as a temporary result of severe supply chain bottlenecks, which will normalize in 2022.

The will hand down its policy decision on Wednesday, with the and the handing down their policies on Tuesday and Thursday respectively.

In Asia Pacific,   for October was 50.6. The and PMIs, released the day before, were at 49.2 and 52.4 respectively.

Meanwhile, physical gold was sold at a premium in India during the previous week as upcoming festivals boosted demand. However, premiums in top consumer China dropped.

In other precious metals, silver edged down 0.2%. Platinum gained 0.5% while palladium eased 0.3%to $1,996.90.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Oliver Bolt

Oliver Bolt

On Key

Related Posts