Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Up, but Heads Towards Second Consecutive Weekly Fall

Commodities Aug 13, 2021 12:53AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, but was set for a second consecutive weekly decline. Investors now await the U.S. Federal Reserve’s next monetary policy move.

Gold futures were up 0.25% to $1,756.72 by 12:50 AM ET (4:50 AM GMT), and the yellow metal is down 0.5% so far for the week. The dollar, which normally moves inversely to gold, inched down on Friday but remained close to a four-month high hit earlier in the week.

The latest U.S. economic data, released on Thursday, said the producer price index grew 1% month-on-month in July, the largest annual increase in more than a decade.

However, the consumer price index released the day before suggested that inflationary pressures are peaking, rising a lower-than-expected 0.3% month-on-month in July. This boosted hopes that the Fed would not begin asset tapering or hike interest rates earlier than expected.

With Fed officials expressing diverging opinions throughout the week on the timetable for a tighter monetary policy, investors remained concerns that inflationary pressures could push the Fed to pull the trigger.

Meanwhile, the U.S. data also said that 375,000 initial jobless claims were filed throughout the week, with the number lower than the 387,000 claims filed during the previous week.

In other precious metals, silver edged up 0.2%, while platinum edged down 0.2% and palladium eased 0.3% to $2,616.80.

Gold Up, but Heads Towards Second Consecutive Weekly Fall
 

Related Articles

Oil rises as tight supply trumps recession fears
Oil rises as tight supply trumps recession fears By Reuters - Jul 04, 2022 17

By Noah Browning LONDON (Reuters) -Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a...

Add a Comment

Comment Guidelines

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.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Sam Iam
Sam Iam Aug 13, 2021 10:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The producer price index grew 1% month-on-month in July, the largest annual increase in more than a decade. Inflation is spiraling up with gold being the canary in the coal mine. The Fed would be forced to raise rates. The dollar tanked on Friday in response to higher inflation. Of course, the stock market dropped due to fear of the Fed will raising rates. The stock market is still bullish; new record highs for the Dow and S&P 500.
Francesco Lucchesi
Francesco Lucchesi Aug 13, 2021 9:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
says who ? Gina who?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
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
Continue with Google
or
Sign up with Email