Gold prices were poised for their best weekly gain since last November, as investors await economic data that could provide clarity about Fed's tapering policy
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Gold Prices | US bond markets
Reuters Last Updated at January 14, 2022 07:51 IST
Gold prices on Friday were poised for their best weekly gain since last November, as investors await economic data that could provide clarity about U.S. Federal Reserve's tapering policy, while a weaker dollar and Treasury yields supported bullion.
FUNDAMENTALS
* Spot gold XAU= was flat at $1,820.08 per ounce, as of 0048 GMT. U.S. gold futures GCv1 edged down 0.1% at $1,819.50.
* The safe-haven metal climbed 1.4% so far this week.
* The dollar weakened against a basket of currencies on Thursday to a two-month low, a day after data showed an expected surge in U.S. consumer prices in December. USD/
* U.S. 10-year Treasury yields eased off two-year highs hit earlier in the week. US/
* Fed Governor Lael Brainard on Thursday became the latest and most senior U.S. central banker to signal that the Fed is getting ready to start raising interest rates in March. (Full Story)
* Gold is considered an inflationary hedge, but the metal is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion.
* Investors await major U.S. economic data such as retail sales, industrial production and Michigan sentiment expected later in the day.
* U.S. producer price inflation slowed in December, while the number of Americans filing new claims for unemployment benefits increased to an eight-week high in the first week of January. (Full Story)
* Spot silver XAG= shed 0.2% to $23.03 an ounce, platinum XPT= was up 0.1% to $970.77, and palladium XPD= 0.4% to $1,881.12.
DATA/EVENTS (GMT)
0300 China Exports, Imports YY Dec
0300 China Trade Balance Dec
0700 UK GDP Est 3M/3M Nov
0700 UK GDP Estimate MM, YY Nov
0700 UK Manufacturing Output Nov
0745 France CPI (EU Norm) Final MM, YY Dec
1100 EU Reserve Assets Total Dec
1330 US Retail Sales MM Dec
1415 US Industrial Production MM Dec
1500 US U Mich Sentiment Prelim Jan (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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