Gold slips as dollar steadies, inflation concerns cap losses

Gold slips as dollar steadies, inflation concerns cap losses

Gold prices eased on Tuesday as the U.S. edged higher, but lingering inflation concerns kept bullion close to a more than one-week peak hit in the previous session.

FUNDAMENTALS


* Spot gold inched 0.2% lower to $1,765.41 per ounce by 0530 GMT, after hitting $1,770.41, its highest since Sept. 23, on Monday. U.S. gold futures were 0.1% lower at $1,766.20.

* The dollar index edged up, making gold more expensive for those holding other currencies.

* Top U.S. trade negotiator Katherine Tai on Monday pledged to exclude some Chinese imports from tariffs imposed by former President Donald Trump while pressing Beijing in “frank” talks over its failure to keep promises made in Trump’s trade deal and end harmful industrial policies.

* U.S. President Joe Biden said the federal government could breach its $28.4 trillion debt limit in a historic default unless Republicans join Democrats in voting to raise it in the two next weeks.

* New orders for U.S.-made goods accelerated in August, pointing to sustained strength in manufacturing even as economic growth appeared to have slowed in the third quarter.

* India’s gold imports in September soared 658% from last year’s lower base as a correction in local prices prompted jewellers to step up purchases for the upcoming festive season, a government source said.

* Spot silver fell 0.6% to $22.52 per ounce, platinum shed 0.7% to $960.81, and palladium eased 0.2% to $1,900.58.

About Author

Related posts