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Ice_JR
2021-06-17

Gold slides to over 1-month low after Fed's hawkish tilt

* Fed now projects first rate hike in 2023 * U.S. dollar advances to two-month peak * Gold fell over

Gold slides to over 1-month low after Fed's hawkish tilt

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Samwich
·2021-06-17
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So it's a double whammy for gold,\" Quantitative Commodity Research analyst Peter Fertig said.</p>\n<p>Higher interest rates tend to dull gold's appeal as they translate into a higher opportunity cost of holding bullion.</p>\n<p>Gold slipped more than 2.5% on Wednesday, after comments from Fed officials propelled the dollar to a two-month high, while U.S. Treasury yields also jumped.</p>\n<p>Adding to gold's headwinds, the U.S. central bank also signalled it would now be considering whether to taper its asset purchases meeting by meeting and downgraded the risk from the coronavirus pandemic given progress in vaccinations.</p>\n<p>However, there is the prospect of support for gold, said Alexander Zumpfe, senior precious metals trader at Heraeus.</p>\n<p>\"If the economic recovery that is just beginning leads to further rising prices, this should also support the yellow metal,\" Zumpfe said.</p>\n<p>Prices should find initial support at $1,796, Zumpfe said.</p>\n<p>Silver&nbsp;fell 0.9% to $26.73 per ounce, while palladium&nbsp;dropped 1.1% to $2,765.33 and platinum inched 1.3% lower to $1,107.36.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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So it's a double whammy for gold,\" Quantitative Commodity Research analyst Peter Fertig said.</p>\n<p>Higher interest rates tend to dull gold's appeal as they translate into a higher opportunity cost of holding bullion.</p>\n<p>Gold slipped more than 2.5% on Wednesday, after comments from Fed officials propelled the dollar to a two-month high, while U.S. Treasury yields also jumped.</p>\n<p>Adding to gold's headwinds, the U.S. central bank also signalled it would now be considering whether to taper its asset purchases meeting by meeting and downgraded the risk from the coronavirus pandemic given progress in vaccinations.</p>\n<p>However, there is the prospect of support for gold, said Alexander Zumpfe, senior precious metals trader at Heraeus.</p>\n<p>\"If the economic recovery that is just beginning leads to further rising prices, this should also support the yellow metal,\" Zumpfe said.</p>\n<p>Prices should find initial support at $1,796, Zumpfe said.</p>\n<p>Silver&nbsp;fell 0.9% to $26.73 per ounce, while palladium&nbsp;dropped 1.1% to $2,765.33 and platinum inched 1.3% lower to $1,107.36.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144493748","content_text":"* Fed now projects first rate hike in 2023\n* U.S. dollar advances to two-month peak\n* Gold fell over 2.5% post Fed announcements on Wednesday\nJune 17 (Reuters) - Gold fell to its lowest in more than a month on Thursday, pressured by gains in the dollar and U.S. Treasury yields after the Federal Reserve signalled earlier-than-expected interest rate increases.\nA majority of 11 Fed officials projected at least two quarter-point rate rises for 2023, even as officials in their statement pledged to keep policy supportive for now to encourage a jobs recovery.\nSpot gold fell 0.4% to $1,804.40 per ounce by 0904 GMT, having touched its lowest since May 6 at $1,799.70.\nU.S. gold futures were down 3.1% to $1,804.20.\nAnalysts attributed a slight bounce during the Asian session to bargain hunting following Wednesday's steep retreat toward the key $1,800 level.\nAlong with the Fed's unexpected change of stance, \"higher interest rates in the U.S. - while other major central banks probably are going to wait longer with changing monetary policy - has strengthened the dollar. So it's a double whammy for gold,\" Quantitative Commodity Research analyst Peter Fertig said.\nHigher interest rates tend to dull gold's appeal as they translate into a higher opportunity cost of holding bullion.\nGold slipped more than 2.5% on Wednesday, after comments from Fed officials propelled the dollar to a two-month high, while U.S. Treasury yields also jumped.\nAdding to gold's headwinds, the U.S. central bank also signalled it would now be considering whether to taper its asset purchases meeting by meeting and downgraded the risk from the coronavirus pandemic given progress in vaccinations.\nHowever, there is the prospect of support for gold, said Alexander Zumpfe, senior precious metals trader at Heraeus.\n\"If the economic recovery that is just beginning leads to further rising prices, this should also support the yellow metal,\" Zumpfe said.\nPrices should find initial support at $1,796, Zumpfe said.\nSilver fell 0.9% to $26.73 per ounce, while palladium dropped 1.1% to $2,765.33 and platinum inched 1.3% lower to $1,107.36.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3139,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":4838661,"commentId":"4838661","gmtCreate":1623928730233,"gmtModify":1663229154241,"authorId":3575000650579772,"author":{"id":3575000650579772,"idStr":"3575000650579772","authorId":3575000650579772,"name":"Samwich","avatar":"https://static.tigerbbs.com/333bbe08da61ec501a2da43a65e31462","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":161665501,"objectIdStr":"161665501","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Ok","text":"Ok","html":"Ok","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}