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  • Gold caught in range as inflation risks keep investors on edge - WhatsNews4Today

    Gold caught in range as inflation risks keep investors on edge

    (Reuters) – Feb 9 (Reuters) – were little changed on Wednesday as a pullback in U.S. Treasury yields ahead of a widely expected robust inflation data out of the United States kept bullion investors on the edge.


    Spot gold XAU= was up 0.1% at $1,827.20 per ounce as of 0957 GMT, trading in a narrow $5 range. U.S. gold futures GCv1 were steady at $1,828.40.


    Spot are attempting to retest the $1,830 resistance region that has repelled bullion bugs on several occasions since July 2021, said Extinity analyst Han Tan.


    “Prices must also contend with the implications of Thursday’s U.S. inflation figures, whereby more evidence of persisting inflationary pressures that rouses the Fed into a more aggressive policy stance could dampen the precious metal’s allure.”


    Analysts expect to largely stay around the current levels until the release of January’s U.S. CPI numbers, which could offer more cues on the pace of interest rate hikes.


    While a robust inflation reading is expected to burnish gold’s mettle as an inflation hedge, U.S. interest rate increases would raise its opportunity cost as a non-yielding asset.


    “It is a little bit of a mixed bag for gold prices, so on the one hand you have a slightly firmer U.S. dollar, and on the other hand, bond are recovering a little bit from the losses over the last couple of days,” Quantitative Commodity Research analyst Peter Fertig said.


    The benchmark 10-year U.S. Treasury yields slipped from the November 2019 high reached in the last session, while the dollar was steady, but off lows hit on Friday. USD/ US/

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    Among other metals, silver XAG= edged up 0.1% to $23.19 per ounce, having hit its highest since Jan. 27.


    Platinum XPT= rose 0.1% to $1,032.88 and palladium XPD= fell 0.3% to $2,240.53


    (Reporting by Seher Dareen in Bengaluru; Editing by Sherry Jacob-Phillips)

    (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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