Gold prices tread water as dollar firms before Fed, inflation cues
Investing.com-- Gold prices moved little in Asian trade, hovering well below recent record highs as investors remained largely biased towards the dollar before more cues on the Federal Reserve and inflation.
But the biggest pressure on gold remained the prospect of high for longer U.S. interest rates, especially after several Fed officials warned of such a scenario.The yellow metal saw little love as a string of Fed officials warned that sticky inflation will deter any plans to cut rates in the near-term.
High for longer rates bode poorly for gold, given that they push up the opportunity cost of investing in the yellow metal.Among industrial metals, copper prices rose on Thursday, but remained pinned well below recent two-year peaks as weak Chinese import data fueled some doubts over demand.The reading raised some doubts over strong demand in the world’s biggest copper importer.
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