* Mirroring sentiment, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.35% to 911.57 tonnes on Thursday. A weaker dollar makes gold more appealing to overseas buyers. * The dollar index was down 2.4% for the week. * Gold is considered an inflation hedge, but rising interest rates increase the opportunity cost of holding non-yielding bullion. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, the strongest signs yet that inflation was slowing, which would allow the Fed to scale back its hefty interest rate hikes. * Bullion prices rallied nearly 3% on Thursday to a more than two-month high after the U.S. * Spot gold was 0.1% down at $1,751.87 per ounce, as of 0048 GMT. ![]() Federal Reserve would scale back on aggressive rate hikes. Gold prices inched lower on Friday but were headed for a weekly gain as data pointed at signs of slowing inflation, lifting hopes that the U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |