Commodities and Futures News

Gold prices tread water as dollar firms before Fed, inflation cues

2024.05.09 01:03

Gold prices tread water as dollar firms before Fed, inflation cues

Investing.com– Gold prices moved little in Asian trade, hovering well below recent record highs as investors remained largely biased towards the dollar before more cues on the Federal Reserve and inflation. 

The yellow metal saw limited safe haven demand amid some expectations of a Israel-Hamas ceasefire, especially as the U.S. now appeared to be making a greater effort to broker a deal. The Biden Administration reportedly suspended arms exports to Israel over its attacks on Rafah.

But the biggest pressure on gold remained the prospect of high for longer U.S. interest rates, especially after several Fed officials warned of such a scenario. 

rose 0.2% to $2,313.51 an ounce, while expiring in June fell 0.1% to $2,320.60 an ounce by 00:21 ET (04:21 GMT). 

Gold prices muted with more Fed speakers, CPI data on tap 

The yellow metal saw little love as a string of Fed officials warned that sticky inflation will deter any plans to cut rates in the near-term.

While markets still held out hope for a September rate cut, focus was now on addressed from more Fed officials, due on Thursday and Friday.

Beyond that, key data for April is due next week, and is likely to offer up definitive signals on the path of interest rates.

High for longer rates bode poorly for gold, given that they push up the opportunity cost of investing in the yellow metal.

Other precious metals advanced on Thursday, but were still trading well below recent peaks. rose 0.7%, while added 0.5%. 

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

Copper prices pinned below 2-year highs, China imports slide 

Among industrial metals, copper prices rose on Thursday, but remained pinned well below recent two-year peaks as weak Chinese import data fueled some doubts over demand.

on the London Metal Exchange rose 0.3% to $9,940.00 a ton, while rose 0.4% to $4.5592 a pound. 

Government data showed on Thursday that while China’s overall rose substantially more than expected in April, the country’s copper imports softened as recent price increases dampened demand. 

The reading raised some doubts over strong demand in the world’s biggest copper importer. 

Still, expectations of tighter markets kept copper prices sitting on a stellar run-up over the past two months.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 75,753.30 2.02%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,835.17 7.09%
tether
Tether (USDT) $ 1.00 0.03%
solana
Solana (SOL) $ 191.23 2.70%
bnb
BNB (BNB) $ 597.55 2.42%
usd-coin
USDC (USDC) $ 1.00 0.09%
xrp
XRP (XRP) $ 0.548802 3.20%
dogecoin
Dogecoin (DOGE) $ 0.192306 0.56%
staked-ether
Lido Staked Ether (STETH) $ 2,836.09 7.07%
tron
TRON (TRX) $ 0.160556 1.76%
cardano
Cardano (ADA) $ 0.382128 8.04%
the-open-network
Toncoin (TON) $ 4.91 4.72%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,344.30 7.07%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.69%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,304.18 1.69%
avalanche-2
Avalanche (AVAX) $ 27.10 3.53%
weth
WETH (WETH) $ 2,833.97 7.18%
chainlink
Chainlink (LINK) $ 12.37 4.37%
bitcoin-cash
Bitcoin Cash (BCH) $ 380.31 3.21%
sui
Sui (SUI) $ 2.32 2.55%
polkadot
Polkadot (DOT) $ 4.12 1.83%
leo-token
LEO Token (LEO) $ 6.19 0.36%
usds
USDS (USDS) $ 0.997528 0.39%
uniswap
Uniswap (UNI) $ 9.07 2.17%
litecoin
Litecoin (LTC) $ 71.44 2.33%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,977.62 7.04%
near
NEAR Protocol (NEAR) $ 4.19 2.94%
aptos
Aptos (APT) $ 9.84 6.50%
pepe
Pepe (PEPE) $ 0.00001 12.76%
bittensor
Bittensor (TAO) $ 518.20 0.32%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 2.15%
internet-computer
Internet Computer (ICP) $ 7.73 1.71%
dai
Dai (DAI) $ 1.00 0.14%
monero
Monero (XMR) $ 164.19 1.11%
ethereum-classic
Ethereum Classic (ETC) $ 19.95 4.41%
kaspa
Kaspa (KAS) $ 0.118447 0.56%
stellar
Stellar (XLM) $ 0.099348 3.35%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
whitebit
WhiteBIT Coin (WBT) $ 19.37 0.38%
aave
Aave (AAVE) $ 183.75 12.13%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.344015 5.76%
blockstack
Stacks (STX) $ 1.68 2.10%
okb
OKB (OKB) $ 40.12 2.82%
crypto-com-chain
Cronos (CRO) $ 0.087285 3.08%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.43%
dogwifcoin
dogwifhat (WIF) $ 2.37 1.44%
arbitrum
Arbitrum (ARB) $ 0.57315 9.35%
filecoin
Filecoin (FIL) $ 3.76 4.31%
mantle
Mantle (MNT) $ 0.648131 10.19%