{"id":49903,"date":"2023-08-18T01:52:01","date_gmt":"2023-08-18T05:52:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-sees-some-relief-as-dollar-falls-rate-hike-fears-cloud-outlook\/"},"modified":"2023-08-18T01:52:02","modified_gmt":"2023-08-18T05:52:02","slug":"gold-sees-some-relief-as-dollar-falls-rate-hike-fears-cloud-outlook","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49903","title":{"rendered":"Gold sees some relief as dollar falls, rate hike fears cloud outlook"},"content":{"rendered":"
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Investing.com — Gold prices rose slightly on Friday, recovering from a five-month low as the dollar saw some profit taking, although concerns over higher U.S. interest rates kept metal markets under pressure.<\/p>\n

Prices were set for a fourth straight week of losses, as strong and hawkish signals from the Federal Reserve kept markets positioning for higher U.S. interest rates.<\/p>\n

Spot prices also lost the key $1,900 an ounce level this week, which could herald more near-term weakness for the yellow metal.<\/p>\n

rose 0.2% to $1,893.05 an ounce, while expiring in December rose 0.4% to $1,922.15 an ounce by 00:00 ET (04:00 GMT). Both instruments were set to lose over 1% this week.\u00a0<\/p>\n

Dollar dip offers some relief to gold, but outlook dim\u00a0<\/h2>\n

The fell 0.3% in Asian trade amid some profit taking, after the greenback raced to over two-month highs against a basket of currencies.\u00a0<\/p>\n

The dollar was also set for a 0.5% gain this week, as strong U.S. economic readings and hawkish signals from the pushed up bets that U.S. rates will remain higher for longer.<\/p>\n

While the Fed has flagged only one more hike this year, the prospect of higher-for-longer U.S. rates bodes poorly for gold markets, given that it pushes up the opportunity cost of holding non-yielding assets. This trade had battered gold through 2022, and has so far limited any major gains in the yellow metal this year.\u00a0<\/p>\n

Anticipation of more monetary policy and economic cues from the next week also kept positioning skewed largely towards the dollar, and kept investors wary of metal markets.\u00a0<\/p>\n

Gold was also pressured by a spike in U.S. Treasury yields, with the surging to levels last seen during the 2008 financial crisis.\u00a0<\/p>\n

Copper buoyed by China stimulus hopes, but weekly losses on tap<\/h2>\n

Copper prices rose on Friday, taking some support from signals of more stimulus support in China.\u00a0<\/p>\n

rose 0.2% to $3.6932 a pound. But futures were still set to lose about 0.7% this week.<\/p>\n

Prices of the red metal rebounded from an over two-month low on Thursday, after China\u2019s central bank vowed to release more liquidity to support a slowing economic recovery.<\/p>\n

The People\u2019s Bank is now widely expected to cut its on Monday, as the world\u2019s largest copper importer struggles with a slowing post-COVID economic recovery.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Gold prices rose slightly on Friday, recovering from a five-month low as the dollar saw some profit taking, although concerns over higher U.S. interest rates kept metal markets under pressure. Prices were set for a fourth straight week of losses, as strong and hawkish signals from the Federal Reserve kept markets positioning for […]<\/p>\n","protected":false},"author":1,"featured_media":2969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-49903","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold sees some relief as dollar falls, rate hike fears cloud outlook | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Gold prices rose slightly on Friday, recovering from a five-month low as the dollar saw some profit taking, although concerns over higher\" \/>\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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