Login ID:
Password:
Partner Login
Contact Us : 7066511911

Gold slumps 2–1/2–year low as dollar stands tall

26 Sep 2022 7:34 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 26 Sep (Commoditiescontrol): Gold prices fell to a new 2-1/2-year low on Monday, weighed down by a sturdy dollar and prospects of further interest rate hikes by the U.S. Federal Reserve to bring down inflation.

Spot gold was down 0.3% at $1,638.59 per ounce, after hitting its lowest level since April 2020 earlier in the session. U.S. gold futures fell 0.6% to $1,645.8.

The dollar index scaled a fresh peak since 2002 buoyed by a hawkish Fed, making the greenback-priced bullion more expensive for buyers holding other currencies.

Higher interest rates dull bullion's appeal since the metal yields no interest. Gold prices have fallen more than 20% since scaling above the key $2,000 per-ounce mark in March.

Atlanta Fed President Raphael Bostic said on Sunday he still believes the U.S. central bank can tame inflation without substantial job losses given the economy's continued momentum.

A downturn in business activity across the euro zone deepened in September, according to a survey which showed the economy was likely entering a recession as consumers rein in spending amid a cost of living crisis.

Gold premiums in top consumer China climbed last week, helped by strong demand for bullion, while prices in India traded at a discount for the first time in four weeks due to an uptick in domestic rates.

Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.31% to 947.23 tonnes on Friday.

Spot silver fell 0.8% to $18.68 per ounce, platinum rose 0.7% to $860.13, and palladium gained 0.4% to $2,076.10.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Top 5 News
Rajasthan origin Moong price trades higher at Delhi
Burma Urad gain at major market on need base mills buyi...
Dhaniya prices cool-off in Guna
Madhya Pradesh origin Masoor firm at Delhi; Steady else...
Jeera price trades unchanged at Unjha, Rajkot; Buyers i...
Top 5 Special Reports
Akola Desi Tur (Pigeon Pea) — Consolidating in an Uptre...
Castor Oil (Kadi) — Inflection Point: Retesting Key Upt...
US soybean net export sales for Jan 13-19 up 16% W/W at...
US Cotton net export sales for Jan 13-19 up 2% W/W at 2...
Soy Refined Oil (Indore) — Weak Short-term Trend / Next...
Copyright © CC Commodity Info Services LLP. All rights reserved.