Madhya Pradesh News Tribune
Buisness

Under $2,000, gold prices have fallen as economic data and the Fed undermine investor confidence

As traders maintained an eye on the U.S. debt-ceiling negotiations, gold slipped below $2,000 on Tuesday as a result of hawkish comments from Federal Reserve officials and hawkish U.S. economic statistics.
At 11:50 a.m. EDT (1550 GMT), spot gold was 1.2% down at $1,996.29 per ounce after hitting its lowest level in two weeks at $1,994.59 earlier.
American gold futures decreased 1.1% to $2,000.20.
Although April's U.S. retail sales growth was weaker than anticipated, the underlying trend remained positive, boosting the dollar and pushing 10-year Treasury rates to a two-week high. [USD/] [US/]
Thomas Barkin, president of the Richmond Fed, said that he would be “comfortable” hiking interest rates higher if necessary to combat inflation. According to Cleveland Fed president Loretta Mester, the American central bank is still not in a position to maintain rates constant for an extended length of time.
This came after several Fed members made hawkish remarks on Monday.
According to Craig Erlam, a senior market analyst at OANDA, “we needed to see more signs of a pivot from the Federal Reserve and we haven't really seen that yet.”
Though it is seen as a hedge against economic risks, high interest rates reduce the attraction of non-yielding bullion.
However, Phillip Streible, chief market analyst at Blue Line Futures in Chicago, advised traders to continue purchasing gold at every price decline “as they wait out this debt ceiling fiasco”.
At 3 p.m. EDT, Democratic President Joe Biden and senior legislative Republican Kevin McCarthy will meet to discuss a compromise to increase the debt limit and prevent an unthinkable economic disaster.
To $23.65 an ounce, spot silver fell 1.9%. Palladium dropped 1.7% to $1,505.88 and platinum lost 0.4% to $1,060.56.

Related posts

Release Date For HyperOS: Xiaomi 14 Series Flagship And New OS Coming On This Date; Everything You Need To Know

The earnings of this UPS manufacturer more than doubles in FY23, and the stock becomes multibagger in a year

Admin

This Is How the Newest Mobile From Nothing Costs Rs. 44,999. Nothing Phone (2) Unboxing

Bank of Baroda intends to issue bonds to raise Rs 10,000 crore

Brick, Boom! Sales of New Homes Will Soar 33% in 2023 to Reach 4.10 Lakh Units: Report

Today, October 22, check India’s most recent fuel prices for petrol and diesel