Though bullion is regarded as a hedge against inflation, higher central bank interest rates increase its opportunity cost
Bengaluru — Gold prices edged lower on Wednesday as an uptick in the dollar and treasury yields limited bullion’s appeal, with investors looking ahead to US inflation data for more direction on interest rates. Spot gold was down 0.2% at $1,848.75 an ounce, as of 3.02am GMT, while US gold futures were flat at $1,851.20.
“We're not seeing gold really making its move and it’s because there is a perception that we're approaching peak inflation ... Gold needs to see progressively higher inflation readings ... But if inflation sort of levels off, it’s not good for gold.” Investors now await the core consumer price index data due on Friday for implications on US interest rates. The CPI is expected to have gained 5.9% on the year, after an annual rise of 6.2% in April, according to the median estimate of economists polled by Reuters.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold prices flat with central banks expected to continue tightening policyAnalysts expect softer gold trading towards $1,800 an ounce average
Read more »
WATCH: TikTok creator hilariously redoes 'Gold Digger' as Kim Kardashian | The CitizenIf Kim Kardashian sang her ex-husband's chart topping hit 'Gold Digger,' what would it sound like? Take a listen here:
Read more »
Business Maverick: Electrician killed in shootout involving 150 Zamas at moth-balled Sibanye gold mine: Video includedAn electrician and Sibanye-Stillwater employee was shot and killed on Monday night in a shootout between Zama Zamas and mine security at the company’s moth-balled Cooke shafts near Randfontein. Security sources estimate that up to 150 armed men were involved in the attack, which may help explain allegations that when the police finally showed up they did nothing.
Read more »
TRAVEL BAN: Madagascar denies entry to South African aircraft – and it might have something to do with a stash of gold barsMadagascar is denying entry to all aircraft from South Africa, apparently due to a dispute over 73.5 kilograms of smuggled gold. And business and tourism are being hit hard.
Read more »
LETTER: Et tu, Treasury?The National Treasury seems to be sinking into ineptitude.
Read more »