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    Home » Gold Drops From A 2-week High As The Dollar Rises
    Gold slips off 2-week peak as dollar ticks higher
    Education

    Gold Drops From A 2-week High As The Dollar Rises

    May 25, 2022Updated:September 16, 20222 Mins Read12 Views
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    Gold prices fell on Wednesday as the dollar strengthened, while investors awaited minutes from the Federal Reserve of the United States’ May policy meeting for clues on the magnitude of the central bank’s upcoming interest rate hikes.

    Reuters

    After reaching a high of $1,869.49 per ounce on Tuesday, spot gold fell 0.2% to $1,857.67 per ounce. (08.43 GMT.) Gold futures in the United States fell 0.5% to $1,856.00 per ounce.

    The dollar index increased after falling to its lowest level in a month the previous session. It’s making greenback-priced bullion more expensive for buyers holding other currencies.

    “Investors will be looking for policy hints beyond June and July in FOMC (Federal Open Market Committee) minutes. Simultaneously, September rate hike expectations could be hugely pivotal for gold prices.”

    Stephen Innes, managing partner at SPI Asset Management

    Later in the day, at 18.00 GMT, the FOMC will release the minutes from its May 3–4 policy meeting.

    “Investors are debating how to assess the inflationary landing path now that peak inflation has passed.”

    “The market is unsure how long it will take for things to normalize, and that uncertainty is helping gold.”

    Stephen Innes, managing partner at SPI Asset Management

    Due to the fact that investors view gold as an inflation hedge. Rising short-term interest rates in the United States raise the opportunity cost of holding non-yielding bullion.

    As the Federal Reserve ramps up its fight against 40-year-high inflation with what is expected to be a series of large interest-rate hikes, a U.S. central banker injected a note of caution, warning that rate hikes could cause “significant economic dislocation.”

    According to Reuters technical analyst Wang Tao, spot gold may stabilize around a support level of $1,856 per ounce and retest a resistance level of $1,867.

    For other Commodities;

    1. Spot silver fell 0.6% to $21.95 per ounce.
    2. Platinum fell 0.7 percent to $947.49.
    3. Palladium rose 0.5 percent to $2,015.99.

    Related Articles:

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    Read more: Commodities

    Source: Investing

    Commodities
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