Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Gold Down, Just Below Four-Month High as Fed Hints at Tapering
© Reuters.
By Gina Lee
Investing.com – Gold was down on Thursday morning in Asia but remained just below the four-month high hit during the previous session, as the U.S. Federal Reserve hinted that it has begun debating whether to taper its current dovish monetary policy.
Gold futures were up 0.28% to $1,876.20 by 12:44 AM ET (4:44 AM GMT) after hitting its highest since Jan. 8 at $1,889.75 on Wednesday.
The Fed released the minutes from its latest meeting on Wednesday that said, “a number of participants suggested that if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.”
The dollar, which usually moves inversely to the yellow metal, inched down on Thursday while benchmark U.S. Treasury yields rose to a one-week high after the minutes' release.
Across the Atlantic, the U.K.’s consumer price index, released on Wednesday, grew a better-than-expected 1.5% year-on-year in April.
Although prices are likely to keep climbing as economies emerge and recover from COVID-19 lockdowns, the Bank of England hopes will prove temporary. According to European Central Bank board member Isabel Schnabel, any surge in inflation is temporary, and consumer prices should fall sharply in 2022.
In Asia, the People’s Bank of China kept its loan prime rate steady at 3.85% earlier in the day.
Neighbour Japan released trade data for April that said exports grew 38% year-on-year, imports grew 12.8% year-on-year and the trade balance stood at JPY255.3 billion.
In Australia, employment data for April was mixed as the employment change declined by 36,000 jobs while the unemployment rate fell to a year-low of 5.5%.
In other precious metals, palladium gained 0.3% and platinum edged up 0.2%, while silver eased 0.3%.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.