Sunday, May 16, 2021
Home Business Gold Down Over Interest Rates Hike Concern, Strengthening Dollar By

Gold Down Over Interest Rates Hike Concern, Strengthening Dollar By

© Reuters.

By Gina Lee – Gold was down on Wednesday morning in Asia as investors digested U.S. Treasury Secretary Janet Yellen’s comments about the possibility of interest rate hikes.

were down 0.60% to $1,781.10 by 12:36 AM ET (4:36 AM GMT). The , which usually moves inversely to gold, was up on Wednesday.

on Tuesday said that interest rate hikes might be needed to stop the economy overheating due to U.S. President Joe Biden’s spending plans. She clarified later in the day, however, that she saw no signs of inflation and was not predicting the U.S. Federal Reserve’s move on rates.

Investors now await comments from other senior Fed officials, including Chicago Fed President Charles Evans and Cleveland Fed President Loretta Mester.

Questions also remain pertaining to whether Biden will nominate Fed Chairman Jerome Powell for a second four-year term remains.

On the data front, investors await other upcoming economic data from the U.S., including the and ADP National Employment Report, both due later in the day. April’s employment report, including , is due on Friday.

Across the Atlantic, the Bank of England will hand down its on Thursday.

In other precious metals, silver was steady at $26.52 per ounce and palladium inched up 0.1%, while platinum edged down 0.2%. Top producer Nornickel, a Russian nickel and palladium mining and smelting company, reported two waterlogged mines in Siberia which contributed to a supply shortfall.

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


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

What will Covid do to India’s GDP mainstay? Economists paint grim picture even as businesses hold on to hope

Rural India saved the country during the first Covid wave. This time Covid infections have spread to the interiors like wild fire.SynopsisWhen Covid...

Leveling the playing field – TechCrunch

Williesha Morris Contributor Williesha Morris has been a journalist and freelancer off-and-on for over a decade. When she’s not writing, she’s reading, playing video games...

China lands spacecraft on Mars

China has landed a spacecraft containing a rover on Mars, according to state media, in a further sign of its bold ambitions in...

Pipeline Attack Yields Urgent Lessons About U.S. Cybersecurity

For years, government officials and industry executives have run elaborate simulations of a targeted cyberattack on the power grid or gas pipelines in...

Recent Comments

Close Bitnami banner