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Gold edges down on firm dollar, 22k priced at Dh149.75
13 May 2018, 12:00 | Austin Hogan
Daily June U.S. Dollar Index
U.S. interest rates futures rose on Thursday even as a smaller than expected increase in the USA consumer price index (CPI) in April did not alter traders' expectations that the Federal Reserve will mostly likely raise key borrowing costs in June.
After its most recent bottom around $1,303, gold is now above $1,305. When the dollar goes up, the precious metal will fall as dollar-priced gold turns less attractive to investors using other currencies.
"Gold is still stuck mirroring moves in the dollar", said Adrian Ash, head of research at BullionVault. 10-year US Treasuries are now yielding 2.994%.
"It's also likely to dent Chinese and especially Indian consumer buying near-term, leaving money managers as the only growing source of private demand", said Ash.
"It (gold's rise) was mostly a response to the consumer price data out of the U.S. yesterday", Capital Economics analyst Simona Gambarini said.
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In other news, North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible USA sanctions on Russian Federation.
Gold is traditionally seen as a safe place to park assets in times of uncertainty or conflict. "From here, a push through minor barriers in the $1,323.60-$1,333.42 area opens the door for a challenge of resistance defining the broadly bearish bias since the beginning of the year", he said.
In other precious metals, silver gained 0.6% to US$16.59 an ounce after hitting a two-week high at US$16.62 in the previous session.
July copper climbed less than 0.1% to $3.112 a pound, with prices scoring a weekly rise of 0.8%. Spot gold was up 0.1 per cent at $1,322.90 an ounce at 1420 GMT after touching its highest since April 25 at $1,325.96, nudging its 100-day moving average of $1,326.
Elsewhere, North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russian Federation.
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