Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Portfolio

Loading...
Select Portfolio and Asset Combination for Display on Market Band
Select Portfolio
Select Asset Class
Show More
Download ET MARKETS APP

Get ET Markets in your own language

DOWNLOAD THE APP NOW

+91

CHOOSE LANGUAGE

ENG

  • ENG - English
  • HIN - हिन्दी
  • GUJ - ગુજરાતી
  • MAR - मराठी
  • BEN - বাংলা
  • KAN - ಕನ್ನಡ
  • ORI - ଓଡିଆ
  • TEL - తెలుగు
  • TAM - தமிழ்
Drag according to your convenience
ET NOW RADIO
ET NOW
TIMES NOW

Gold prices edge down as strong US data boosts rate rise view

Reuters|
Updated: Oct 11, 2018, 08.23 AM IST
0Comments
gold.gettyimages
US gold futures were up 0.2 per cent at $1,195.70 an ounce.

Commodity Summary
MCX

GOLD
Gold prices inched down on Thursday as robust US data potentially bolstered the chances of multiple US interest rate hikes over the next year.

The declines came even as Wall Street suffered its worst drubbing in eight months.

Fundamentals

Spot gold was down 0.2 per cent at $1,192.41 an ounce at 0105 GMT.

US gold futures were up 0.2 per cent at $1,195.70 an ounce.

US producer prices increased 0.2 per cent in September, in line with expectations, while a revision to wholesale inventory estimates for August showed the biggest jump in nearly five years, beating forecasts.

Asian share markets sank on Thursday after the falls on Wall Street, a conflagration of wealth that could threaten business confidence and investment across the globe.

US President Donald Trump said that Wednesday's stock market sell-off was in fact a long-awaited "correction," and that the Federal Reserve, which has been raising US interest rates, had gone "crazy".

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.1 per cent.

US Treasury yields fell late on Wednesday in a flight to quality as investors snapped up government bonds amid the sharp sell-off in US stocks.

The Fed can likely stop raising US interest rates once they reach about 3 per cent, as long as inflation remains around 2 per cent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday.

European Union Brexit negotiator Michel Barnier said on Wednesday that an agreement with Britain could be "within reach" next week, calling for decisive progress in the talks in time for a summit of all 28 EU leaders.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.21 per cent to 738.99 tonnes on Wednesday.

India's gold imports in September dropped more than 14 per cent from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS showed.

Chile's Supreme Court upheld an environmental order for a gold mine owned by Canada's Kinross Gold Corp to close its water pumping wells, the environmental regulator said on Wednesday, bringing the curtain down on a long-running dispute that sparked the Toronto-based miner's retreat from Chile.

Canada's Barrick Gold Corp, which recently announced a $6.1 billion deal to acquire Randgold Resources Ltd , affirmed its 2018 gold and copper production forecast on Wednesday, reflecting improvements in operations.
0Comments

Also Read

Gold Rate Today: Gold, silver trade mixed

Gold Rate Today: Gold, silver down in morning deals

Gold Rate Today: Gold, silver up in morning trade

Gold Rate Today: Gold, silver down in morning trade

Gold Rate Today: Gold, silver up in morning trade

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Loading
Please wait...