gold dips as market awaits cues from fed meeting
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Gold dips as market awaits cues from Fed meeting

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Arab Today, arab today Gold dips as market awaits cues from Fed meeting

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Gold dipped on Tuesday on technical selling, although losses were limited as most investors stayed on the sidelines ahead of a US Federal Reserve meeting that should provide signals on the pace of future monetary tightening.
The Fed is widely expected to raise interest rates when it concludes its meeting on Wednesday, although investors will focus on any new hints on the pace of hikes this year and its assessment of the economy and inflation. “Obviously ahead of the meeting people are not building significant positions ... If anything, they are expecting a dovish Fed because recent (US) economic data has been weak,” said Fawad Razaqzada, an analyst at FOREX.com.
A lower-than-expected pace of rate hikes would weigh on the dollar, making dollar-priced gold cheaper for non-US investors. Spot gold dipped 0.3 percent to $1,261.88 per ounce at 1229 GMT extending losses into a fifth session, after hitting a session low of $1,259.16, its weakest since June 2.
US gold futures for August delivery dropped 0.4 percent to $1,264.10. The US dollar slipped ahead of the Fed meeting, with investors also awaiting details from the Fed on its plans to shrink $4.5 trillion dollars of assets it amassed to nurse the economic recovery.
“There have been no major developments recently to give the safe-haven metal additional support. This has allowed the shorter-term futures traders to put downside pressure on the market via profit taking,” said KITCO Metals Inc. in a note.
US producer prices were unchanged in May as energy costs recorded their biggest decline in more than a year, suggesting inflation pressures were easing after rising at the start of the year.
Weakening inflation could limit the scope for further monetary policy tightening this year. Among other precious metals, palladium edged away from a 16-year high hit on Friday and was last down 1.7 percent at $885 an ounce.
“We see no justification for the strong palladium price, especially as the Chinese market — the second key automotive market for palladium — is faltering,” Commerzbank said. The Commerzbank note, which cited the China Association of Automobile Manufacturers (CAAM), said 1.75 million cars were sold in China in May, which was 2.6 percent down year-on-year.

Source: Arab News

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