Gold eyes worst week in 15 months on Fed's hawkish turn



* Dollar heads for best week in 9 months

* Gold down 5% so far this week, silver over 6%

* Palladium on track for worst week in 15 months

* BOJ keeps rate targets unchanged

By Brijesh Patel

June 18 (Reuters) - Gold prices rose on Friday but were set for their worst week since March 2020 after the U.S. Federal Reserve's hawkish turn lifted the dollar and dented the safe-haven metal's appeal.

Spot gold XAU= climbed 0.5% to $1,782.80 per ounce by 0650 GMT but was down 5% for the week. U.S. gold futures GCv1 gained 0.6% to $1,785.20.

It was the Fed reversal in policy outlook that triggered the drop in gold prices, said ED&F Man Capital Markets analyst Edward Meir, adding "the reaction in gold has been somewhat overdone."

"Despite the current high-growth, inflationary environment, the proposed Fed rate hikes are not expected to set in for at least another 18 months. So after a little bit more weakness here, gold prices will regroup and push higher," Meir said.

The Fed on Wednesday signalled it would be considering whether to taper its asset purchase programme meeting by meeting and brought forward projections for the first post-pandemic interest rate hikes into 2023.

Following hawkish comments from Fed officials, the dollar .DXY jumped to a two-month high and was on track for its best week in nearly nine months.

Though gold is considered as a hedge against inflation, higher interest rates will reduce its appeal as they translate into a higher opportunity cost of holding the metal.

On the technical front, gold fell below the psychologically significant $1,800-per-ounce mark and other key support levels, including the 100-day and 200-day moving averages, which is usually viewed as a bearish sign.

The Bank of Japan on Friday maintained its massive monetary stimulus to support the country's economic recovery and extended a deadline for asset-buying and loan programmes introduced last year.

Elsewhere, palladium XPD= gained 1.7% to $2,540.24 per ounce but was on track for its worst week since late March following a sharp drop on Thursday.

Silver XAG= rose 0.7% to $26.10 per ounce but was down more than 6% for the week. Platinum XPT= climbed 0.4% to $1,062.67.



Gold's break below 200-day moving average Link



Reporting by Brijesh Patel in Bengaluru; editing by Uttaresh.V
and Subhranshu Sahu

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示: 您的資金存在風險。杠杆商品可能不適合所有客戶。 請詳細閱讀我們的風險聲明