Gold regains some ground helped by pullback in US dollar

NEW DELHI: Gold prices edged up on Tuesday, helped by a slight pullback in the US dollar, which makes the greenback-priced bullion less expensive for buyers holding other currencies.
Spot gold was up 0.4% at $1,775.69 per ounce as of 0224 GMT. US gold futures rose 0.3% to $1,787.10.
The dollar index was down 0.2%.
“With market participants trying to seek clarity on the Federal Reserve’s rate hike, rate expectations have been sensitive to incoming economic data,” said IG Market strategist Yeap Jun Rong.
“Signs of stronger-than-expected demand may lead markets to revisit more hawkish expectations.”
One such instance was on Monday when data showed that US services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying economic momentum.
Bullion dropped from a five-month high to close 1.6% lower as the dollar rebounded…

Source link


Please enter your comment!
Please enter your name here