• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
  • Contact
  • About
Monday, May 16, 2022
Midland County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home News

Gold Firms As Mounting Inflation Risks Counter U.S. Rate Hike Bets – Reuters

gold-firms-as-mounting-inflation-risks-counter-us.-rate-hike-bets-–-reuters
Share on FacebookShare on Twitter
Register now for FREE unlimited access to Reuters.com
  • U.S. CPI in Jan rose 7.5% annually
  • U.S. rate futures lift chances of 50 bps hike in March
  • 10-year yield tops 2% for first time since August 2019

Feb 10 (Reuters) – Gold prices edged up on Thursday as a spike in U.S. consumer prices boosted the metal’s appeal as an inflation hedge, but expectations that the data would support the case for aggressive interest rate hikes capped the gains.

Spot gold was up 0.2% at $1,836.08 per ounce by 10:32 a.m. EST (1532 GMT), after falling as much as 0.6% following the data. U.S. gold futures fell 0.1% to $1,834.30.

“A rising interest rate environment does nip at the heels of the gold market,” said David Meger, director of metals trading at High Ridge Futures.

Register now for FREE unlimited access to Reuters.com

“However, the other side of that coin is a confirmation of the ongoing inflationary trend that we believe is the underlying fundamental push behind gold’s recent move.”

The U.S. consumer price index jumped 7.5% in the 12 months through January, the biggest year-on-year increase since 1982, topping expectations of a 7.3% rise. read more

Federal funds rate futures increased the chances of a half percentage-point tightening by the U.S. Federal Reserve at next month’s policy meeting following the data.

While gold is considered a hedge against soaring inflation, a resultant hike in interest rates would increase the opportunity cost of holding non-yielding bullion.

Benchmark 10-year U.S. Treasury yields topped 2% for the first time in 2-1/2 years, while the dollar (.DXY) gave up earlier gains to make bullion less expensive for holders of other currencies.

“I guess with market participants now pricing in six rate hikes this year, there is some concern that it might impact economic growth down the road, and that is supporting the gold price,” UBS analyst Giovanni Staunovo said.

Wall Street’s main indexes dropped at open on Thursday, with Big Tech leading declines.

Elsewhere, spot silver rose 0.8% to $23.48 per ounce, platinum advanced 1% to $1,044.27, and palladium jumped 1.4% to $2,309.76.

Register now for FREE unlimited access to Reuters.com

Reporting by Kavya Guduru in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

Midland County News Online

© 2021 Midland County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
  • Contact
  • About

Follow Us

No Result
View All Result
  • Home
  • About
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Midland County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT