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PRECIOUS-Gold prices drop 1% on dollar strength as Fed meeting looms
  + stars: | 2021-06-14 | by ( Brijesh Patel | ) www.reuters.com sentiment -1.00   time to read: +2 min
Spot gold was down 0.9% at $1,860.44 per ounce, as of 0654 GMT, its lowest since June 4. U.S. gold futures fell 0.9% to $1,862.20. The dollar held firm near a one-week high against its rivals, making gold more expensive for holders of other currencies. Focus now shifts to the Fed’s June 15-16 meeting for further clarity on policymakers’ view on rising inflation and monetary policy going forward. Silver fell 0.4% to $27.78 per ounce, palladium dropped 0.5% to $2,762.44, while platinum dipped 0.6% to $1,142.84.
Persons: , Stephen Innes, Innes, ” Jeffrey Halley, , Brijesh Patel, Sherry Jacob, Phillips, Rashmi Organizations: U.S . Federal Reserve Locations: U.S, Asia, Bengaluru
Stocks wait at record peaks for Fed; oil marches higher
  + stars: | 2021-06-14 | by ( Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +4 min
Japan's Nikkei (.N225) rose 0.7% while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.2%. The MSCI world equity index (.MIWD00000PUS), the U.S. S&P 500 (.SPX) and the pan-regional STOXX Europe 600 index (.STOXX) all closed at record highs on Friday. "Yes, PPIs are racing higher, but will that be reflected in higher consumer goods prices from China? Certainly, that's what the U.S. bond market is saying to us." Speculators are also building up long positions in U.S. debt, with their net long positions in U.S. bond futures hitting the highest level since October 2017 , U.S. financial watchdog data showed.
Persons: Athit, Jeffrey Halley, Treasuries, Akira Takei, Norihiro Fujito, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Boris Johnson's, Johnson, Bitcoin Organizations: REUTERS, Federal Reserve, Japan's Nikkei, U.S . Federal Reserve, Oil, Asset Management, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, European Central Bank, British, Brent, Elon Musk, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Hong Kong, Australia, U.S, Europe
U.S. gold futures rose 0.1% to $1,898.40. Data showed U.S. consumer prices rose solidly in May, leading to the biggest annual increase in nearly 13 years, while jobless claims dropped to their lowest in nearly 15 months last week. The dollar index rose 0.1%, reducing gold’s appeal for investors holding other currencies. “The FOMC next week is now likely to be a non-event, and barring a sharp rise in the dollar. Palladium fell 0.2% to $2,770.47, and was on track for a weekly decline.
Persons: Giovanni Staunovo, ” Staunovo, , Jeffrey Halley, Arundhati Sarkar, Elaine Hardcastle Organizations: UBS, Treasury, European Central Bank, OANDA Locations: Bengaluru
U.S. gold futures rose 0.4% to $1,903.90 per ounce. That saw bond yields edge lower helping gold to bounce back,” said Jeffrey Halley, senior market analyst at OANDA. “The FOMC next week is now likely to be a non-event, and barring a sharp rise in the dollar. The dollar index, meanwhile, fell 0.1% after hitting a near one-week high in the previous session. On Thursday, the European Central Bank kept its monetary policy unchanged and pledged a steady flow of stimulus over the summer.
Persons: , Jeffrey Halley, Wang Tao Organizations: OANDA, U.S, Treasury, European Central Bank
Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent is set for a weekly rise of 0.7% while WTI is set to gain 0.8%. It suggests that the physical market has absorbed extra Saudi production with ease and that demand globally is robust and climbing." The Organization of the Petroleum Exporting Countries (OPEC) reinforced the view of healthy demand, sticking to its forecast that demand in 2021 would rise by 5.95 million barrels per day, up 6.6% from a year earlier. read more"Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," OPEC said in its monthly report on Thursday.
Persons: Brent, Jeffrey Halley, Margaret Yang, Eurocontrol Organizations: Brent, . West Texas, Reuters, OANDA, U.S . Energy, Administration, ANZ Research, ANZ, of, Petroleum, Thomson Locations: Europe, China, United States, Saudi Arabia, Asia, North America
Oil prices slipped on Friday but were set for their third weekly rise on expectations of a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent is set for a weekly rise of 0.8% while WTI is set to gain 0.9%. U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity. It suggests that the physical market has absorbed extra Saudi production with ease and that demand globally is robust and climbing." read more"Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," OPEC said in its monthly report on Thursday.
Persons: Brent, Goldman Sachs, Jeffrey Halley, Margaret Yang, Eurocontrol Organizations: Brent, . West Texas, Reuters, OANDA, U.S . Energy, Administration, ANZ Research, ANZ, of, Petroleum, Thomson Locations: Europe, China, United States, Saudi Arabia, Asia, North America
UK stocks muted ahead of ECB meeting, U.S. inflation data
  + stars: | 2021-06-10 | by ( Sagarika Jaisinghani | ) www.reuters.com + 0.00   time to read: +2 min
REUTERS/Peter Nicholls/File photoLondon-listed stocks were subdued in early trading on Thursday as investors turned to a European Central Bank policy meeting and U.S. inflation data for cues on whether global central banks could start tapering monetary policy sooner than expected. The export-heavy FTSE 100 (.FTSE) rose 0.2%, tracking small gains in Asian stocks, while the mid-cap FTSE 250 (.FTMC) was down 0.3%. read morePersonal goods (.FTNMX402040) and insurance (.FTNMX303020) stocks were also among the biggest gainers by 0740 GMT. "There's a sense of every man for himself ahead of the U.S. inflation data this evening, a data point that has left markets in limbo," said Jeffrey Halley, a market analyst at OANDA. The ECB is expected to keep its policy guidance unchanged and publish updated euro area macroeconomic projections at its policy meeting later in the day.
Persons: Peter Nicholls, Jeffrey Halley, Patrick Drahi's Organizations: London Stock Exchange, REUTERS, European Central Bank, Pharmaceutical, AstraZeneca, ECB, CMC, BT, Thomson Locations: London, Britain, Scotland
Spot gold was down 0.2% at $1,895.59 per ounce, as of 0315 GMT. The dollar index rose 0.1% against its rivals, making gold more expensive for other currency holders. “This (U.S. data) is expected to have a mixed effect on gold. A weaker-than-expected U.S. jobs report last week has quelled expectations of an early tapering in the Fed’s stimulus. “Gold will struggle to maintain gains above $1,900 an ounce until the U.S. inflation data is out of the way,” Jeffrey Halley, OANDA senior market analyst, said in a note.
Persons: ” Margaret Yang, ” Yang, , ” Jeffrey Halley, OANDA, Brijesh Patel, Ramakrishnan, Sherry Jacob, Phillips Organizations: European Central Bank Locations: U.S, Bengaluru
Spot gold was down 0.2% at $1,896.20 per ounce, as of 0643 GMT, while U.S. gold futures held steady at $1,898.70. The dollar index strengthened 0.1% against its rivals, making gold more expensive for other currency holders. “This (U.S. data) is expected to have a mixed effect on gold. “Gold will struggle to maintain gains above $1,900 an ounce until the U.S. inflation data is out of the way,” Jeffrey Halley, OANDA senior market analyst, said in a note. Among other precious metals, silver fell 0.5% to $27.75 per ounce, palladium was mostly unchanged at $2,834.27, while platinum slipped 0.5% to $1,167.21.
Persons: , Margaret Yang, ” Yang, , ” Jeffrey Halley, OANDA, Brijesh Patel, Ramakrishnan, Sherry Jacob, Phillips Organizations: European Central Bank, Trust Locations: U.S, Bengaluru
PRECIOUS-Gold slips on firm dollar as focus shifts to U.S. inflation data
  + stars: | 2021-06-07 | by ( Arundhati Sarkar | ) www.reuters.com sentiment -0.95   time to read: +2 min
The dollar index strengthened 0.1%, making gold more expensive for holders of other currencies. Prices rose more than 1% in the previous session after a weaker-than-expected U.S. monthly jobs report calmed investor fears about the Fed reining in monetary stimulus soon. Lower interest rates decrease the opportunity cost of holding non-yielding gold, also considered a hedge against inflation that could follow stimulus measures. The ECB is widely expected to maintain its stimulus measures with tapering a distant prospect. Silver dipped 0.9% to $27.53 per ounce, palladium was down 0.2% to $2,840.05, while platinum fell 0.2% to $1,159.60.
Persons: Eugen Weinberg, ” Weinberg, , Jeffrey Halley, OANDA, Arundhati Sarkar, Simon Cameron, Moore Organizations: U.S, CPI, U.S ., Federal Reserve, European Central Bank, ECB Locations: Bengaluru
Meanwhile, a weaker-than-expected U.S. monthly jobs report calmed investor fears about the Federal Reserve reining in monetary stimulus soon. Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion. The benchmark 10-year yield slipped below 1.6% and was hovering near a one-week low. Indicative of sentiment, speculators raised their net-long positions in COMEX gold in the week ended June 1. Silver dipped 0.7% to $27.58 per ounce, palladium fell 0.1% to $2,841.20, while platinum rose 0.2% to $1,164.37.
Persons: payrolls, , Jeffrey Halley, OANDA, Wang Tao, Jennifer Granholm, Brijesh Patel, Ramakrishnan Organizations: Federal, U.S . House, U.S . Energy, CNN Locations: Asia, Lower U.S, U.S, Bengaluru
Oil eases after hitting two-year highs; Iran talks in focus
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil eased after hitting a two-year peak on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. In another hopeful step for demand, India is easing its lockdown and OPEC and its allies are sticking to agreed supply restraints through July. read moreBrent crude fell 35 cents, or 0.5%, to $71.54 a barrel by 0810 GMT, after earlier hitting $72.27, the highest since May 2019. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
Persons: Richard Carson, Brent, Jeffrey Halley, WTI, Avtar Sandu Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore, Iran, Vienna, Washington
Oil eases on Iran concern after hitting two-year high above $72
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil eased after hitting a two-year high above $72 a barrel on Monday, pressured by the prospect of higher Iranian exports though recovering demand and OPEC+ supply curbs provided underlying support. Brent crude fell 62 cents, or 0.9%, to $71.27 by 0920 GMT, after earlier hitting $72.27, the highest since May 2019. The chance of more Iranian supply, and a drop in China's crude imports, also weighed. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
Persons: Richard Carson, Brent, Jeffrey Halley, Eugen Weinberg, Commerzbank, WTI, Avtar Sandu Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore, Iran, Vienna, Washington
Oil hits two-year high above $72 on demand hopes, OPEC+ curbs
  + stars: | 2021-06-07 | by ( Alex Lawler | ) www.reuters.com sentiment -0.94   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil jumped to a two-year high above $72 a barrel on Monday, extending this year's rally supported by recovering demand and OPEC+ supply curbs, before giving up the gains as investors took profits. Demand is rising in the United States and Europe as COVID-19 restrictions are loosened and, in another hopeful step for fuel use, India eases its lockdown. "Oil demand has been rising this year and many traders have bet on the expected summer uptick, buying oil at cheaper prices before and now reaping the profits," said analyst Louise Dickson of Rystad Energy. read moreNonetheless, there is still solid price support from both the demand and supply sides, Commerzbank said.
Persons: Richard Carson, Brent, Louise Dickson, Jeffrey Halley, WTI, Avtar, Commerzbank, Eugen Weinberg Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Rystad Energy, Organization of, Petroleum, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, OPEC, United States, Europe, India, China, Singapore
Oil pulls back after hitting 2-year high on OPEC+ curbs
  + stars: | 2021-06-07 | by ( Laila Kearney | ) www.reuters.com sentiment -1.00   time to read: +2 min
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File PhotoOil prices dipped on Monday, pulling back from two-year highs reached on expectations of improved demand and OPEC producers keeping supply curbs in place. Global demand has risen as the United States and Europe have loosened COVID-19 restrictions, while India has begun to ease its latest lockdown. read moreThe Organization of the Petroleum Exporting Countries and its allies have boosted oil prices by sticking to supply restraints through July. On Monday, OPEC Secretary General Mohammad Barkindo said the producer group expects inventories to fall further in coming months.
Persons: Richard Carson, Brent, Jeffrey Halley, Mohammad Barkindo, John Kilduff, WTI, Avtar Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, . West Texas, Organization of, Petroleum, of, Phillips Futures, Thomson Locations: Freeport , Texas, U.S, India, China, Europe, United States, New York, Singapore
US oil hits $70 for the first time in nearly three years
  + stars: | 2021-06-06 | by ( Matt Egan | Cnn Business | ) edition.cnn.com sentiment -0.76   time to read: +1 min
New York (CNN Business) US oil prices hit $70 a barrel on Sunday for the first time in nearly three years. The $70 mark is a staggering $110 a barrel above that record low. The last time the US benchmark oil contract traded above $70 was October 2018. OPEC and Russia continue to restrain supply as well, though they plan to pump more in the coming months. "OPEC+ is content to postpone tinkering with their production targets for now."
Persons: Jeffrey Halley Organizations: CNN Business, Texas Intermediate, Asia Pacific Locations: York, Russia, India, Europe, Oanda, OPEC
The region's currencies held on to gains ahead of U.S. inflation data, with the Taiwan dollar and the South Korean won leading gains against the greenback. Prior to market opening, the People's Bank of China (PBOC) set the yuan midpoint rate at 6.3858 per dollar, firmer than the previous fix of 6.403. The island's first batch of 150,000 COVID-19 vaccine doses, out of more than 5 million ordered from Moderna Inc, is set to arrive on Friday. The country said it planned more measures to retain jobs and boost domestic consumption, as it struggles with a severe third wave of infections. On the downside, Malaysian stocks dipped as the country reported 7,857 new coronavirus cases in its third straight day of record infections.
Persons: Arundhati Dutta, Joe Biden, goody, Jeffrey Halley, PBOC, Halley, Prakash Sakpal, Nicholas Mapa, Devika Syamnath Organizations: Korean, Malaysian, Taiwan, South Korean, greenback, New York Times, People's Bank of China, Federal Reserve, Moderna Inc, ING, Hong Leong Financial, Supermax Corp, JK, TI Locations: Philippines, Malaysia, COVID, Taiwan, Asia, South Korea, Japan, China, India, Philippi, Thailand, Bengaluru
Meggitt, real estate stocks lead FTSE 250 higher; Equiniti Group shines
  + stars: | 2021-05-27 | by ( Devik Jain | ) www.reuters.com sentiment -0.99   time to read: +2 min
(Reuters) -British midcaps edged higher on Thursday, outperforming the blue-chip index for a third straight session led by gains in Meggitt and real estate stocks, while Equiniti Group jumped after agreeing to a take private deal. FILE PHOTO: A woman walks past the London Stock Exchange building in the City of London, Britain, January 16 , 2017. REUTERS/Toby MelvilleThe domestically focused FTSE 250 index rose 0.1%, with aero and defence stocks adding 1.5%. The FTSE 100 traded flat, with base metal miners adding 2% and offsetting losses in oil majors BP and Royal Dutch Shell. Johnson Matthey slipped 2.3% after the chemicals maker warned that rising metal prices could hit its cash flow.
Persons: Toby Melville, , Jeffrey Halley, Johnson Matthey Organizations: Reuters, Equiniti, London Stock Exchange, City of, REUTERS, Meggitt, UBS, FTSE, Royal, Shell, OANDA, Aviva Locations: Meggitt, City, City of London, Britain, U.S
PRECIOUS-Gold steadies near $1,900/oz ahead of key U.S. data
  + stars: | 2021-05-27 | by ( Brijesh Patel | ) www.reuters.com sentiment -0.98   time to read: +2 min
“Gold prices reversed back in parallel with the rebounding U.S. dollar. The dollar index rose to a one-week high against rivals, making gold more expensive for holders of other currency. Market participants now await the monthly U.S. personal consumption report on Friday to gauge inflationary pressure. “Gold remains vulnerable to a deeper pullback as its relative strength index has been overbought for the past few days, which is usually a strong corrective indicator,” OANDA senior market analyst Jeffrey Halley said. “However, I don’t see gold falling below the $1,875 region ahead of the U.S. data.
Persons: Ilya Spivak, Jeffrey Halley, Randal Quarles, Brijesh Patel, Ramakrishnan, Subhranshu Sahu Organizations: Friday’s PCE, Federal Reserve Locations: United States, ., Friday’s, U.S, Bengaluru
Gold slips on upbeat risk sentiment as inflation fears ebb
  + stars: | 2021-05-25 | by ( ) www.cnbc.com sentiment -1.00   time to read: +2 min
Gold prices fell on Tuesday as risk appetite improved after U.S. Federal Reserve officials calmed down inflation worries among investors, although the metal's losses were limited by a subdued dollar and bond yields. U.S. gold futures fell 0.4% to $1,876.30 per ounce. "The sentiment pendulum swung back to the bullish side overnight, after a procession of Federal Reserve officials talked down inflation risks. Offering some respite to gold, the dollar was languishing near four-month lows against major currencies, while U.S. Treasury long-dated yields fell to two-week lows. Holding of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.3% to 1046.12 tonnes on Monday from 1042.92 tonnes on Friday.
Persons: Jeffrey Halley, St, Louis, James Bullard, Bullard, Bitcoin, Silver Organizations: U.S, Federal, Louis Fed, Treasury, Trust
Industrials, oil stocks pull FTSE 100 higher; Cineworld shines
  + stars: | 2021-05-24 | by ( Devik Jain | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. REUTERS/Peter Nicholls(Reuters) -London’s FTSE 100 edged higher on Monday after posting its second straight weekly drop, while Cineworld Group gained on reporting a strong weekend opening following a months-long lockdown in the UK. The blue-chip index rose 0.3% with oil majors BP and Royal Dutch Shell, industrials, and consumer staples stocks including Diageo providing the biggest boosts. The domestically focused mid-cap FTSE 250 index advanced 0.1%. Among other stocks that gained, Kainos Group rose 2.8% after the digital services company posted a 124% jump in its annual adjusted pretax profit.
Persons: Peter Nicholls, Peter Rabbit, ” Jeffrey Halley, pare, Mr Kipling, brokerages Organizations: London Stock Exchange, REUTERS, Cineworld, Royal, Shell, Diageo, Sony Pictures, Federal Reserve, Kainos, RBC, Foods Locations: London, Britain, Antofagasta
Stocks in Kuala Lumpur were heading for their worst week since late January, as the country reported a third day this week of a record number of COVID-19 infections and deaths on Thursday. Indonesia's rupiah, which backs some of emerging markets' highest-yielding debt, edged higher but it was set for its worst week in three months. "Asia is decidedly more subdued as caution rather than exuberance rules," said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA. "China's inflation situation is strikingly at odds with the much-discussed U.S. situation," Alvin Tan, RBC Capital Markets' head of Asia FX Strategy, said in a client note. The ministry expects orders in May to rise between 40.1% and 44% from a year earlier even as the country is facing a spike in cases.
Persons: Jeffrey Halley, Alvin Tan, Tan, Nikhil Kurian, Simon Cameron, Moore, Rashmi Organizations: U.S . Federal, Asia Pacific, RBC Capital Markets, Asia FX, Axiata, Petronas Dagangan Locations: Malaysia, Taiwan, Malaysian, Kuala Lumpur, Asia, OANDA, China, Shanghai, Japan, India, Indonesia, Philippines, Singapore, Thailand, Bengaluru
Bitcoin rebound loses steam on rising regulatory concerns
  + stars: | 2021-05-21 | by ( Thyagaraju Adinarayan | ) www.reuters.com + 0.00   time to read: +2 min
LONDON (Reuters) - Beset by rising regulatory pressure, bitcoin hovered around $40,000 on Friday, pausing its attempt to recover from this week’s massive plunge. Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. Those warnings came after Chinese financial industry bodies banned the use of cryptocurrencies in payment and settlement earlier in the week. A narrative of bitcoin becoming “digital gold” had gained traction earlier this year, with JPMorgan saying in January that bitcoin emerged as a rival to gold. But Societe Generale questioned the comparison on Thursday: “Bitcoin has clearly ‘outshone’ gold both to the upside and now also to the downside.
Persons: Dado Ruvic, , Jeffrey Halley, bitcoin, “ Bitcoin, Coinbase, Edward J . Perkin, Eaton Vance Organizations: REUTERS, U.S . Treasury Department, Internal Revenue Service, Federal Reserve, OANDA, JPMorgan, Generale Locations: U.S
NEW YORK/LONDON (Reuters) -Bitcoin slid on Friday after China doubled down on its efforts to prevent speculative and financial risks by cracking down on the mining and trading of the world’s largest and most popular cryptocurrency. China has banned crypto exchanges and initial coin offerings before but has not barred individuals from holding cryptocurrencies. This is the first time the government has explicitly targeted crypto mining. Earlier on Friday, China’s state broadcaster CCTV warned against “systemic risks” of cryptocurrency trading in a commentary on its website. “China has tried so often to tackle bitcoin, exchanges, and mining since 2013 that I don’t think this should come as a surprise anymore,” said Ruud Feltkamp, chief executive officer at crypto trading bot Cryptohopper.
Persons: Bitcoin, Dado Ruvic, Liu, bitcoin, , John Wu, Ava, Ruud Feltkamp, , ” China’s, Jeffrey Halley Organizations: REUTERS, Development, Ava Labs, U.S . Treasury Department, Internal Revenue Service, Federal Reserve, OANDA Locations: China, London, Hong Kong
Spot gold was down 0.3% at $1,871.50 per ounce by 0253 GMT, but it has risen 1.6% this week. "U.S. economic data has given us strong inflation alerts this week, meaning yields and the dollar have fallen, strong supportive factors for gold," OANDA senior market analyst Jeffrey Halley said. The dollar was pinned near milestone lows against its rivals and was headed for a weekly loss, while benchmark 10-year Treasury yields fell. Recent data showing a rise in prices in the United States and the UK intensified concerns over inflation, lifting gold's appeal as an inflation hedge. Platinum edged 0.1% higher to $1,197.51, but it was on track for its second straight weekly fall.
Persons: Brijesh Patel, Jeffrey Halley, Rashmi Aich Organizations: Trust Locations: U.S, United States, Bengaluru
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