403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Gold News
(MENAFN- MENAFNEditorial) Gold was relatively firm early on Wednesday as a slightly softer dollar and steady U.S. Treasury yields limited pressure on the non-yielding bullion. Traders are keeping a close eye on this week’s inflation reports that will further shape Federal Reserve monetary policy bets and are likely to impact prices.
Japanese yields eased, offering additional support. Continued central bank buying also provided a floor, with China’s central bank adding 20 tons in August to its gold holdings, its largest monthly purchase since 2023.
However, the yellow metal could remain under pressure amid 60% odds of a September rate hike, in addition to potential tightening later on. On the geopolitical front, higher oil prices after renewed Middle East tensions kept inflation concerns elevated and capped the upside potential for the metal.
Looking ahead, Thursday’s PPI and Friday’s CPI are the main events ahead of the September 15-16 Fed meeting. A strong reading could lift yields and curb gold’s trajectory, while softer inflation may lead to a cut in rate hike bets and help the metal recover. Traders are also watching oil prices and developments in the Middle East, which remain a near-term risk.
Japanese yields eased, offering additional support. Continued central bank buying also provided a floor, with China’s central bank adding 20 tons in August to its gold holdings, its largest monthly purchase since 2023.
However, the yellow metal could remain under pressure amid 60% odds of a September rate hike, in addition to potential tightening later on. On the geopolitical front, higher oil prices after renewed Middle East tensions kept inflation concerns elevated and capped the upside potential for the metal.
Looking ahead, Thursday’s PPI and Friday’s CPI are the main events ahead of the September 15-16 Fed meeting. A strong reading could lift yields and curb gold’s trajectory, while softer inflation may lead to a cut in rate hike bets and help the metal recover. Traders are also watching oil prices and developments in the Middle East, which remain a near-term risk.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment