PRECIOUS-Gold dips to near 1-week low as U.S. dollar stands tall - Reuters

singkrata.blogspot.com

 (Adds analyst comments, details and updates prices)
    * Gold, silver face first decline in three weeks
    * Dollar holds close to over four-month peak
    * U.S. jobless claims drop to one-year low
    * Another global bond sell-off likely before mid-year - poll

    By Asha Sistla
    March 26 (Reuters) - Gold prices slipped towards a one-week
low on Friday, on course for a first weekly decline in three,
with bullion pressured by a rallying dollar following positive
U.S. economic data and as vaccine roll-outs gathered steam. 
    Spot gold        was down 0.2% at $1,724.03 per ounce by
0420 GMT on Friday, having hit a one-week low of $1,721.46 in
the previous session. U.S. gold futures        were down 0.1% at
$1,722.70 per ounce. 
    "Gold is a victim of the kind of recovery that we could be
potentially seeing in the U.S. dollar ... Better recovery
unfolds so that's driving flows into U.S. assets and pushing the
dollar higher and that's what's really weighing on gold at the
moment," said IG Market analyst Kyle Rodda. 
    For the week, the metal has lost more than 1% as the U.S.
dollar climbed over a four-month high on Thursday.       
    Data showed the number of Americans filing new claims for
unemployment benefits dropped to a one-year low last week.
                         
    U.S. President Joe Biden set a new goal of administering 200
million doses of COVID-19 vaccine in his first 100 days in
office, after his initial 100 million target was met ahead of
schedule.             
    "The success of the vaccine roll-out appears to be slightly
'risk on' and this may help gold if the dollar retreats
slightly," said Nicholas Frappell, global general manager at ABC
Bullion.
    Treasury yields also jumped on Thursday, denting bullion's
safe-haven appeal. Another bond market sell-off is likely in the
next three months following the recent rout in financial
markets, according to analysts polled by Reuters.             
    Higher returns on Treasury bonds generally increase the
opportunity cost of holding non-yielding bullion.
    Silver        edged up 0.1% to $25.04, holding above an over
two-month low of $24.39 per ounce hit on Thursday. 
    Palladium        gained 0.5% to $2,621.18 and platinum
       rose 0.2% to $1,150.01.

 (Reporting by Asha Sistla in Bengaluru, Editing by Sherry
Jacob-Phillips)
  

Let's block ads! (Why?)

"low" - Google News
March 26, 2021 at 12:02PM
https://ift.tt/31i0PdL

PRECIOUS-Gold dips to near 1-week low as U.S. dollar stands tall - Reuters
"low" - Google News
https://ift.tt/2z1WHDx


Bagikan Berita Ini