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Gold Up, but “Jury is Still Out” on Fed Tapering

CommoditiesJun 28, 2021 12:49AM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia as investors digested the U.S. Federal Reserve’s mixed signals on monetary policy tightening after the release of tame inflation data.

Gold futures edged up 0.18% to $1781.05 by 12:45 AM ET (4:45 AM GMT), after hitting its lowest level since Jun. 21 earlier in the Asian session.

“The jury’s still out on the Fed’s timeline on tapering,” IG Market analyst Kyle Rodda told Reuters.

“On one hand, we’ve to think about normalizing policy, but on the other, a lot of Fed speakers are suggesting inflation will be transitory, so we don’t need the Fed to slam on the brakes. And that is kind of sending mixed signals,” Rodda added.

Investors also continued to digest inflation data released by the U.S. during the previous week. The core personal consumption expenditures index grew a smaller-than-expected 0.5% month-on-month in May while growing 3.4% year-on-year. Gold prices rose as much as 0.8% after the release of the data, the central bank’s preferred inflation measure.

Minneapolis Fed President Neel Kashkari added on the same day that the recent high inflation readings would be temporary.

With the trading in a range and until gold breaks above the $1,800 or below the $1,760 marks, it is looking like a sideways trend in the short term, said Rodda.

Investors also continue to keep an eye on negotiations for U.S. President Joe Biden’s bipartisan U.S. infrastructure deal, valued at $1.2 trillion over eight years.

In other precious metals, silver was steady at $26.07 per ounce, palladium inched up 0.1% and platinum eased 0.7%.

Gold Up, but “Jury is Still Out” on Fed Tapering
 

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Comments (6)
Rahul Kewat
Rahul Kewat Jun 28, 2021 5:52AM ET
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Thanks sir
Michael Dell
Michael Dell Jun 28, 2021 4:23AM ET
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Basel 3
Michael Dell
Michael Dell Jun 28, 2021 4:22AM ET
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Any news on base 3
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Jun 28, 2021 3:08AM ET
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Let Gold go to 1865 first, then it will go to 1965 faster than to 1865. Sudden stocks and crypto sell offs will push gold up as safe haven buy. but then ...
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Jun 28, 2021 1:14AM ET
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Gold will make a fast sprint to 1965 and then ...
Rahul Kewat
Rahul Kewat Jun 28, 2021 1:14AM ET
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How many days ??
Ali Btc
Ali Btc Jun 28, 2021 1:14AM ET
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waiting for FED news
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Jun 28, 2021 1:03AM ET
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Gold is waiting for stocks to start tanking, yields to go up, to go up
 
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