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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Higher dollar, rates curb gold’s attractiveness to two-week low.

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File Photo: World Gold Council (WGC): What It Is, How It Works

File Photo: World Gold Council (WGC): What It Is, How It Works

As traders awaited U.S. inflation statistics later this week, gold prices fell 1% to their lowest level in more than two weeks on Wednesday owing to a stronger currency and rising bond rates.
Gold fell 0.8% to $2,301.16 per ounce at 2:03 p.m. ET (1803 GMT), its lowest since June 10.
U.S. gold futures fell 0.8% to $2,313.2.
“At this point, market may very well be responding to the firmer U.S. dollar, and we continue to price in the possibility that the U.S. Federal Reserve is unlikely to move (interest rates) earlier in the summer,” said TD Securities commodities strategist Bart Melek.

The dollar surged 0.4% to a near two-month high versus its competitors, making gold more costly for foreign currency holders, while benchmark U.S. 10-year rates was around two weeks high. The U.S. Personal Consumption Expenditures Price Index, the Fed’s preferred inflation indicator, will be considered this week to determine the central bank’s interest-rate path.
Also on the radar are first-quarter GDP numbers and a pivotal debate between President Joe Biden and Republican candidate Donald Trump on Thursday.

On Tuesday, U.S. consumer confidence fell in June amid economic concerns, although families were optimistic about the job situation and anticipated inflation to decline next year.
On Tuesday, Fed Governor Michelle Bowman said maintaining the policy rate stable “for some time” should moderate inflation, but she would boost borrowing rates if necessary.
Wall Street’s major indexes gained slightly on Wednesday as investors huddled ahead of a presidential debate and a critical inflation data.

Interest rates raise the potential cost of owning non-yielding bullion.
Silver fell 0.1% to $28.88 per ounce, palladium fell 2% to $929.25, while platinum rose 3.1% to $1,011.88.


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