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PRECIOUS-Gold hovers near $1,900/oz as dollar, yields dip after U.S. data

Category: Economy

Date: 2021-06-11T07:34:57+0000
PRECIOUS-Gold hovers near $1,900/oz as dollar, yields dip after U.S. data

Shafaq News/ Gold prices hovered near the key $1,900 per ounce level on Friday, helped by a weaker dollar and U.S. bond yields, as investors shrugged off data that showed a rise in U.S. inflation and hoped the Federal Reserve would not change its dovish stance. Reuters stated.

*Spot gold was up 0.1% at $1,900.10 per ounce, as of 0518 GMT. Prices have risen 0.5% so far this week.

* U.S. gold futures rose 0.3% to $1,902.70 per ounce.

Data showed U.S. consumer prices rose solidly in May, leading to the biggest annual increase in nearly 13 years, while weekly jobless claims dropped to their lowest level in nearly 15 months last week.

According to Reuters, The European Central Bank raised its growth and inflation projections on Thursday but pledged a steady flow of stimulus over the summer, fearing that a retreat now would accelerate a concerning rise in borrowing costs and choke off the recovery.

Investors are not freaking out over a spike in U.S. inflation in the past two months, showing confidence that the Fed is deftly handling a rebound in economic growth. It reported.

The U.S. central bank is likely to announce in August or September a strategy for reducing its massive bond-buying program, but won’t start cutting monthly purchases until early next year, a Reuters poll found.

Silver was climbed 0.4% to $28.07 per ounce, palladium slipped 0.1% to $2,772.71, while platinum edged 0.1% higher to $1,151.98.

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