Gold heads for fourth weekly profit in a row ahead of US inflation data

2019-01-11 11:28:44 GMT (Economies.com)
Gold heads for fourth weekly profit in a row ahead of US inflation data

Gold prices rose in European trade after a hiatus from gains yesterday, heading for the fourth weekly profit in a row, as the dollar index gave up ground against a basket of major currencies on lower bets of US rate hikes this year. 

 

As of 08:35 GMT, gold rose 0.5% to $1,293.05 an ounce, with an intraday high at $1,295.14, and a low at $1,286.50. 

 

Gold shed 0.5% on Thursday, after marking a 0.6% profit in the previous session. 

 

Gold is up 0.6% this week, heading for the fourth weekly profit in a row, the longest such streak since late September on a weaker dollar and stronger haven demand. 

 

The dollar index dipped 0.2% on Friday after pulling up from three-month lows at 94.62 yesterday, with the index resuming its downward spiral against main rivals. 

 

Dollar is hurt by expectations the Fed might avoid rate hikes this year as the economy slows down, following cautious remarks by several Fed officials. 

 

Recently, Fed Chair Jerome Powell noted the Federal Reserve is not committed to a specific path for rate hikes, while monitoring risks priced by financial markets currently.

 

Now investors await US inflation data for December, which might change perspectives for the pace of US policy tightening this year.  

 

Finally, Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, fell 1.47 tonnes yesterday to a total of 797.71 tonnes away from July 2018 highs at 799.18 tonnes. 

 
 
 
  Symbol Last Change Chg.%
1.1266
0.0048
0.4274%
1.2689
0.0106
0.8432%
15.264
0.396
2.663%
54.818
2.308
4.395%
62.69
0.85
1.37%
1380.935
39.655
2.957%
 
 
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