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Gold flat as dollar, yields firm; investors seek more US data
APEX News
KEY POINTS
# Gold prices were flat on Wednesday at $2,319.14 per ounce as the US dollar and Treasury yields remained firm
# Traders are awaiting key US economic data: first-quarter GDP estimates on Thursday and the PCE price index report on Friday, which could clarify the Federal Reserve’s interest rate plans.
# US consumer confidence decreased in June due to economic concerns, but households remained optimistic about the labor market and expected inflation to moderate over the next year.
PHOTO: BLOOMBERG
GOLD prices were flat on Wednesday (Jun 26) as the US dollar and Treasury yields held firm ahead of a key inflation reading due later this week, which could provide more clarity on the Federal Reserve’s interest rate path.
Spot gold was unchanged at US$2,319.14 per ounce, as at 0128 GMT. US gold futures were flat at US$2,331.00. The US dollar rose 0.1 per cent against its rivals, making gold more expensive for other currency holders, while benchmark 10-year yields also edged higher. The euro, once considered a competitor to the US dollar’s international role, was weakening as an alternative currency, with those looking to reduce their risk exposure turning to gold instead, a report showed.
This week, traders are looking forward to the US first-quarter gross domestic product estimates due on Thursday and the personal consumption expenditures price index report on Friday to get more cues on the timing and scale of possible rate cuts this year. US consumer confidence eased in June amid worries about the economic outlook, but households remained upbeat about the labour market and expected inflation to moderate over the next year.
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