Gold struggles for direction as traders await fresh catalyst
Gold was little changed Wednesday as investors assessed mixed signals including a slightly weaker dollar, rising Treasury yields and more hawkish commentary from a Federal Reserve policymaker.
Bullion has had a tepid week so far, ekeing out modest gains as the greenback’s strength -- a major headwind over recent months -- fades slightly. Still, the US currency remains a headwind as the Federal Reserve pursues an aggressive monetary policy to battle inflation.
“I tend to think that Fed hawkishness is largely now ‘in the price’,” Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights Ltd., said in an email. “That said, the scope for a near-term major rebound in gold prices is very limited while rates climb and the US dollar remains strong.”
Atlanta Fed President Raphael Bostic reiterated that the bank is focused on cooling inflation that’s running at its hottest in four decades. Treasury yields traded near multi-year highs ahead of US housing figures for September and the Fed’s Beige Book due later Wednesday.
Gold was flat at $1,651.49 an ounce by 10:34 a.m. Shanghai time. Silver was little changed, platinum fell and palladium gained. The Bloomberg Dollar Spot index was steady.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation