{"id":61617,"date":"2023-09-15T23:58:39","date_gmt":"2023-09-16T03:58:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-post-modest-gain-a-day-after-settling-at-a-3-week-low\/"},"modified":"2023-09-15T23:58:42","modified_gmt":"2023-09-16T03:58:42","slug":"gold-prices-post-modest-gain-a-day-after-settling-at-a-3-week-low","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61617","title":{"rendered":"Gold prices post modest gain, a day after settling at a 3-week low"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002503529\" role=\"document\">\n<p>Gold posted a gain on Thursday, a day after settling at its lowest price in three weeks, but strength in the U.S. dollar in the wake of an interest-rate hike and statement from the European Central Bank helped to limit the metal\u2019s rise. <\/p>\n<p>Investors also looked to some fresh U.S. inflation data for hints on the U.S. Federal Reserve\u2019s interest-rate decision, ahead of the central bank\u2019s meeting next week.  <\/p>\n<div class=\"paywall\">\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.66%<\/bg-quote><br \/>\n       edged up by 30 cents, or less than 0.1%, to settle at $1,932.80 per ounce on Comex. On Wednesday, the most-active contract marked its lowest finish since Aug. 22, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for December<br \/>\n        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"positive\">+1.35%<\/bg-quote><br \/>\n       shed 19 cents, or 0.8%, to $22.99 per ounce. <\/p>\n<\/li>\n<li>\n      Platinum for October delivery<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+2.15%<\/bg-quote><br \/>\n       gained $5.90, or nearly 0.7%, to $911.10 per ounce, while palladium for December delivery<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+2.15%<\/bg-quote><br \/>\n       fell $6, or 0.5%, to $1,254.80 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for December delivery<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.63%<\/bg-quote><br \/>\n       rose 3 cents, or nearly 0.8%, to $3.82 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Traders described the ECB\u2019s 25 basis point interest rate hike on Thursday as \u201cdovish,\u201d potentially boosting the appeal of gold by suggesting that global bond yields may not need to rise much higher. <\/p>\n<p>\u201cThe ECB hiked rates 25bps today, taking the deposit rate to 4.00% in what can only be characterised as a dovish hike,\u201d said a team of macro analysts at TD Securities. \u201cThis is a clear sign that absent any further notable upside surprises to inflation and its drivers, they are done hiking rates.\u201d<\/p>\n<p>The U.S. dollar caught a boost from the ECB hike as the euro<br \/>\n        EURUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210561242\/realtime\/sampled\" class=\"positive\">+0.16%<\/bg-quote><br \/>\n       fell. The ICE U.S. Dollar Index<br \/>\n        DXY<br \/>\n       was up 0.6% at 105.43 in Thursday dealings, pressuring dollar-denominated gold prices. <\/p>\n<p><strong>Also read:<\/strong> Here\u2019s what the gold-silver price ratio tells us about silver<\/p>\n<p>\u201cIt is difficult to be too bullish on gold right now as the renewed surge in inflation may force the Fed to hike interest rates perhaps one more time before the end of the year,\u201d Fawad Razaqzada, market analyst at City Index and FOREX.com, said in a market update.<\/p>\n<p>U.S. August retail sales and wholesale producer prices were released Thursday morning. Retail sales in the U.S. rose 0.6% in August, while the producer-price index, a gauge of wholesale-price growth, rose 0.7%. <\/p>\n<p>That data followed a reading on consumer prices on Wednesday that revealed a rise of 0.6% in August \u2014 the biggest increase in 14 months. <\/p>\n<p>Gold prices remained on a \u201cdownward trajectory overall\u201d as traders continue to evaluate the possible outcomes of the upcoming Fed meeting,\u201d said Denys Peleshok, head of Asia at CPT Markets. <\/p>\n<p>\u201cHigher than expected U.S. inflation data has fueled more uncertainty about the direction of monetary policy,\u201d he said in a market note. While the Fed is expected to maintain its policy interest rates unchanged in next week\u2019s meeting, \u201celevated inflationary pressures could leave some concerns about another hike this year.\u201d<\/p>\n<p>The potential for the central bank to keep interest rates \u201chigh for longer\u201d could continue to weigh on gold prices, which have been declining since their peak in May this year,\u201d said Peleshok. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-trades-lower-but-trims-losses-after-dovish-ecb-rate-hike-6f044b68?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold posted a gain on Thursday, a day after settling at its lowest price in three weeks, but strength in the U.S. dollar in the wake of an interest-rate hike and statement from the European Central Bank helped to limit the metal\u2019s rise. Investors also looked to some fresh U.S. inflation data for hints on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":59660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-61617","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 prices post modest gain, a day after settling at a 3-week low | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold posted a gain on Thursday, a day after settling at its lowest price in three weeks, but strength in the U.S. dollar in the wake of an interest-rate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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