Gold gains on softer dollar, more Fed policy cues eyed

(Corrects third bullet point to say silver rose, not fell)


Gold has support near $1,725 area - analyst


Commerzbank sees gold falling to $1,750/oz in coming weeks


Silver rises more than 1%

By Arundhati Sarkar

Dec 6 (Reuters) - Gold prices climbed on Tuesday after shedding more than 1% in the last session as the U.S. dollar eased, although traders awaited more cues on the outlook for interest rates by the U.S. central bank.

Spot gold XAU= rose 0.4% to $1,776.15 per ounce by 1133 GMT. U.S. gold futures GCv1 gained 0.4% to $1,788.60.

Better-than-expected U.S. services industry data spooked investors on Monday and raised fears that the Fed might stick longer with aggressive interest rate increases.

As a result, bullion dropped from a five-month high to close 1.6% lower as the dollar rebounded after the data.

"The movement in yields and the U.S. dollar continues to be the key driver for gold prices, with the main support down near the $1,725 area," said Michael Hewson, chief markets analyst at CMC Markets.

"With the Fed due to meet next week the direction of prices is likely to be determined on how the U.S. central bank sees the glide path for future rate rises," Hewson added.

Higher interest rates weigh on the non-yielding metal.

Helping gold stabilise, the dollar index .DXY seemed to stall after its biggest rally in two weeks on Monday. A weaker dollar makes bullion less expensive for overseas investors.

"With market trying to seek clarity on Fed's rate hike plan, rate expectations have been sensitive to incoming economic data. Signs of stronger-than-expected demand may lead markets to revisit more hawkish expectations," said IG Market strategist Yeap Jun Rong.

The final Fed meeting of 2022 is scheduled on Dec. 13-14.

Commerzbank sees gold falling to $1,750 in the coming weeks, and expects prices to climb again as soon as the first Fed rate cut comes into view in 2023.

Spot silver XAG= rose 1.3% to $22.5298 per ounce, while platinum XPT= fell 0.32% to $994.47.

Palladium XPD= was little changed at $1,875.05.
Reporting by Arundhati Sarkar and Ashitha Shivaprasad in Bengaluru; editing by David Evans and Louise Heavens

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。


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。