{"id":23532,"date":"2023-06-16T13:13:19","date_gmt":"2023-06-16T17:13:19","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-futures-end-higher-but-signs-of-more-rate-hikes-to-come-limit-gains\/"},"modified":"2023-06-16T13:13:19","modified_gmt":"2023-06-16T17:13:19","slug":"gold-futures-end-higher-but-signs-of-more-rate-hikes-to-come-limit-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23532","title":{"rendered":"Gold futures end higher, but signs of more rate hikes to come limit gains"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002178852\" role=\"document\">\n<p>Gold futures recovered from early losses Thursday to finish higher, with prices rebounding from their first intraday drop below $1,950 an ounce this month.<\/p>\n<p>The price moves follow the Federal Reserve\u2019s decision on Wednesday afternoon to leave its key benchmark interest rate steady, though the central bank also indicated that its rate-hiking cycle isn\u2019t over. <\/p>\n<div class=\"paywall\">\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.13%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.13%<\/bg-quote><br \/>\n       rose $1.80, or about 0.1%, to settle $1,970.70 per ounce on Comex after trading as low as $1,936.10, FactSet data show. Prices for the most-active contract hadn\u2019t traded at a level that low since late May.<\/p>\n<\/li>\n<li>\n      Silver for July<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.72%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+0.72%<\/bg-quote><br \/>\n       delivery declined by 16 cents, or 0.7%, to $23.95 per ounce.<\/p>\n<\/li>\n<li>\n      Palladium for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+1.45%<\/bg-quote><br \/>\n       delivery declined by $4.90, or nearly 0.4%, to $1,397.30 per ounce, while platinum for July<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.53%<\/bg-quote><br \/>\n       delivery climbed by $11.90, or 1.2%, to $991.90 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for July<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.40%<\/bg-quote><br \/>\n       delivery fell by 3 cents, or 0.8%, to $3.90 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s happening<\/h2>\n<p>Federal Reserve Chairman Jerome Powell and his colleagues on the Fed\u2019s policy-setting committee on Wednesday signaled that the central bank would likely keep hiking interest rates later this year, even though it refrained from doing so at its latest meeting. <\/p>\n<p>That did \u201cnot support the view that the Fed might pivot and begin cutting rates before the end of 2023,\u201d said George Milling-Stanley, chief gold strategist at State Street Global Advisors, in comments after Wednesday\u2019s Fed announcement. This month\u2019s pause in rate hikes is \u201cintended to allow the Fed to determine more precisely just how successful it is being in reducing inflation, and how much additional policy tightening may be required.\u201d <\/p>\n<p>Higher interest rates typically boost the U.S. dollar, making gold more expensive to foreign buyers, while increasing the yield that investors can reap from holding Treasury bonds.<\/p>\n<p>In Thursday dealings, however, the ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.20%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the dollar\u2019s strength against major currencies, was down 0.8% to 102.16, providing some support for dollar-denominated prices of gold.    <\/p>\n<p>A similarly hawkish outlook from the European Central Bank helped to keep a lid on gains, said Michael Hewson, chief market analyst at CMC Markets UK, in a market update.<\/p>\n<p>The ECB lifted interest rates by a quarter of a percentage point, as expected. In its statement, the central bank said that while inflation has been coming down, it is \u201cprojected to remain too high for too long.\u201d<\/p>\n<p>Meanwhile, the \u201ccontradictory message coming out of [Wednesday\u2019s] Fed announcement, a hawkish pause, highlighted the difficulty the U.S. central bank still faces in bringing inflation back down to its 2% target without tipping the country into recession,\u201d said Rupert Rowling, market analyst at Kinesis Money, in emailed commentary. <\/p>\n<p>\u201cRecent positive data on both the inflation and jobs front suggest the world\u2019s largest economy is holding up well, and this is likely to increase risk appetite among investors to the detriment of gold and its safe haven qualities,\u201d he said. <\/p>\n<p>Data released Thursday showed that sales at U.S. retailers rose 0.3% in May. Sales had been forecast to drop 0.2%, based on a Wall Street Journal poll of economists. Separately, U.S. industrial production fell 0.2% in May after two straight months of gains, while the number of Americans who applied for unemployment benefits last week was unchanged at 262,000.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-silver-see-sharp-losses-after-fed-signals-more-rate-hikes-to-come-41ff8e73?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures recovered from early losses Thursday to finish higher, with prices rebounding from their first intraday drop below $1,950 an ounce this month. The price moves follow the Federal Reserve\u2019s decision on Wednesday afternoon to leave its key benchmark interest rate steady, though the central bank also indicated that its rate-hiking cycle isn\u2019t over. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-23532","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold futures end higher, but signs of more rate hikes to come limit gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures recovered from early losses Thursday to finish higher, with prices rebounding from their first intraday drop below $1,950 an ounce this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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