{"id":72007,"date":"2023-10-12T20:03:53","date_gmt":"2023-10-13T00:03:53","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-retreats-from-2-week-high-as-dollar-snaps-3-day-loss\/"},"modified":"2023-10-12T20:03:55","modified_gmt":"2023-10-13T00:03:55","slug":"gold-retreats-from-2-week-high-as-dollar-snaps-3-day-loss","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=72007","title":{"rendered":"Gold retreats from 2-week high as dollar snaps 3-day loss"},"content":{"rendered":"
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Investing.com – Gold bulls have been reminded again that it\u2019s hard to put the dollar down for too long.<\/p>\n

Despite a clear distaste for more rate hikes among Fed officials and Wall Street doing its best to ignore trending inflation, the dollar rallied on Thursday, recouping all it lost in three previous sessions and more.<\/p>\n

With the mojo back in the greenback, gold\u2019s four-day sprint came to a halt too, as the yellow metal hit a new 2-week high just shy of $1,900 an ounce before settling lower.<\/p>\n

Gold\u2019s most-active contract on New York\u2019s Comex, December, settled down $4.30, or 0.2%, at $1,883 an ounce after soaring to $1,897.90 \u2014 a peak not seen since Sept. 27 when it was still in the $1,900 territory.<\/p>\n

The , more closely watched by some traders than futures, was at $1,869.65 by 14:30 ET (18:30 GMT), down $4.71, or 0.3%, on the day. The session peak for spot gold was $1,867.96, keeping its typical $30 discount to futures.<\/p>\n

The , or DXY, which pits the greenback against six other currencies, hovered at just under the session high of 106.54, up 0.6% on the day. Prior to this, DXY had been on a downtrend over three days, after a 11-month high of 107.35 a week ago.<\/p>\n

The dollar rose despite Fed officials showing an aversion to raising rates in November even as the US inflation was higher than expected for a third month in a row. September grew by an annual rate of 3.7%, the same as in August, and higher than the 3.6% forecast by Wall Street economists, data from the Labor Department showed.<\/p>\n

\u201cProfit taking hit gold after a hot inflation report reinvigorated the bond market selloff,\u201d said Ed Moya, analyst at online trading platform OANDA. \u201cAfter the CPI report, gold traders quickly realized that gold wasn’t going to rally above the $1,900 level.\u201d<\/p>\n

The dollar also rose as US bond yields rose their most in a day since July 27. Yields, benchmarked against the reached 4.708%, climbing 2.46% on the day. Prior to this, yields had mostly slid, after hitting a 16-year high of 4.892 on Friday.<\/p>\n<\/div>\n

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

Investing.com – Gold bulls have been reminded again that it\u2019s hard to put the dollar down for too long. Despite a clear distaste for more rate hikes among Fed officials and Wall Street doing its best to ignore trending inflation, the dollar rallied on Thursday, recouping all it lost in three previous sessions and more. […]<\/p>\n","protected":false},"author":1,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-72007","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold retreats from 2-week high as dollar snaps 3-day loss | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - Gold bulls have been reminded again that it\u2019s hard to put the dollar down for too long. 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