Commodity

Gold Up, Looks to End Week With Third Consecutive Weekly Gain

By Administrator_India

Capital Sands

Gold was up on Friday morning in Asia and is set to end the week with its third consecutive weekly gain. A drop in U.S. Treasury yields also gave the safe-haven yellow metal a boost while the dollar, which usually moves inversely to gold, inched up on Friday but fell from three-month highs.

Gold futures edged up 0.14% to $1802.75 by 12:53 AM ET (4:53 AM GMT), with prices rising 0.8% for the week to date.

The European Central Bank set a new inflation target of 2% in the results of its 18-month review on Thursday. The central bank added that it would also tolerate moderate overshoots.

The ECB’s approach contrasted with that of the U.S. Federal Reserve. The latter hinted at preparations to taper assets in the minutes from its June policy meeting released earlier in the week.

Investors also digested data released by China earlier in the day that said the producer price index grew 8.8% year-on-year, slightly down from the 9% growth seen in May.

The data also said consumer price index grew a smaller-than-expected 1.1% year-on-year in June while contracting a bigger-than-expected 0.4% month-on-month.

In other precious metals, silver eased 0.1%, palladium fell 0.4% and platinum inched up 0.1%.

Related posts
Commodity

Crude oil tops $100 as Russian forces invade Ukraine; Gold prices rise sharply

Global crude oil and gold prices soared on February 24 after Russian President Vladimir Putin…
Read more
Commodity

Equities & oil prices sink as Omicron makes waves

By Administrator_India Capital Sands Asian share markets fell and oil prices slid on Monday…
Read more
Commodity

Saudis cut oil prices to woo buyers as OPEC+ boosts supply

By Administrator_ India Capital Sands Saudi Arabia cut oil prices for sales to Asia next month by…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you. [mc4wp_form id="729"]

Leave a Reply

Your email address will not be published. Required fields are marked *