Gold's relief rally fizzles as dollar firms on recession risks
Sept 29 (Reuters) - Gold prices retreated on Thursday as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers.
* Spot gold XAU= was down 0.2% at $1,656.59 per ounce, as of 0142 GMT. In the previous session, bullion rose as much as 2%.
* U.S. gold futures GCv1 dipped 0.2% to $1,667.10.
* The dollar index =USD was up 0.2%, although the unit retreated from a two-decade peak overnight as the sterling rallied following the Bank of England's purchase of UK government bonds to restore financial stability in markets.
* The lack of clear progress on inflation means the U.S. central bank needs "moderately restrictive" interest rates that should reach a level between 4.25% and 4.50% by the end of this year, Atlanta Fed President Raphael Bostic said on Wednesday.
* Gold prices have fallen 20% since scaling above the key $2,000 per ounce level in March, as rapid U.S. monetary tightening made non-yielding gold less attractive and boosted the dollar to multi-year peak.
* The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing domestic demand as the Federal Reserve aggressively tightens monetary policy to tame inflation.
* World Bank President David Malpass warned on Wednesday that it could take years for global energy production to diversify away from Russia, prolonging the risk of stagflation, or a period of low growth and high inflation.
* Spot silver XAG= fell 0.4% to $18.82 per ounce, platinum XPT= was down 0.6% at $858.54 and palladium XPD= dropped 1% to $2,134.52.
Consumer Confid. Final Sept
1200 Germany CPI Prelim YY
1200 Germany HICP Prelim YY
Initial Jobless Clm
Reporting by Eileen Soreng in Bengaluru; Editing by Sherry Jacob-Phillips
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