TRADELINE LIVE GOLD NEWS UPDATE
PRECIOUS-Gold steady as dollar takes a breather
Oct 10 Gold prices held steady on Wednesday as expectations of more U.S. interest rate increases pressured demand, although the metal drew some support from the dollar coming off a seven-week high.
"Some people seem to be expecting a decent snap back in prices but the combination of decent (U.S.) data revisions and inexorable tightening has still got gold on the defensive for now," said Nicholas Frappell, global general manager, ABC Bullion, Australia.
"The recent revisions to jobs data has underscored the upward pressure on U.S. rates and FOMC (The Federal Open Market Committee) policy choices."
The dollar slipped further from seven-week highs on Wednesday although underlying support for the greenback remained strong amid a confluence of factors, including a strong U.S. economy and a steady path for rate hikes by the Federal Reserve. USD/ U.S. President Donald Trump on Tuesday again criticized the Fed, telling reporters the central bank is going too fast in raising rates when inflation is minimal and government data points to a strong economy. shares barely moved on Wednesday after world stocks hit eight-week lows the previous day on worries about global economic growth.
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PRECIOUS-Gold steady as dollar takes a breather
Oct 10 Gold prices held steady on Wednesday as expectations of more U.S. interest rate increases pressured demand, although the metal drew some support from the dollar coming off a seven-week high.
"Some people seem to be expecting a decent snap back in prices but the combination of decent (U.S.) data revisions and inexorable tightening has still got gold on the defensive for now," said Nicholas Frappell, global general manager, ABC Bullion, Australia.
"The recent revisions to jobs data has underscored the upward pressure on U.S. rates and FOMC (The Federal Open Market Committee) policy choices."
The dollar slipped further from seven-week highs on Wednesday although underlying support for the greenback remained strong amid a confluence of factors, including a strong U.S. economy and a steady path for rate hikes by the Federal Reserve. USD/ U.S. President Donald Trump on Tuesday again criticized the Fed, telling reporters the central bank is going too fast in raising rates when inflation is minimal and government data points to a strong economy. shares barely moved on Wednesday after world stocks hit eight-week lows the previous day on worries about global economic growth.
www.tradelinecommodity.com
India's No.1mcx Tips Provider
Missed Call @:/8057046270/8057690837
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