2023-09-07 01:51:41
Gold remained near a one-week low on Thursday following five consecutive sessions of declines, while the dollar held on to a mid-March high following data showed the sector US services unexpectedly gained ground in August.
FUNDAMENTALS
* Spot gold was up 0.1% at $1,917.99 an ounce at 0120 GMT, its lowest level since August 29. US gold futures fell 0.1% to $1,942.20.
* Global stock indices fell as the benchmark US Treasury yield rose and the US dollar hit its highest level in six months following stronger than expected data from the US services sector suggested that the inflationary pressures persist.
* Federal Reserve Bank of Boston President Susan Collins said that while there are signs of progress in cooling inflation, the central bank should proceed with caution when it comes to to take the next monetary policy measures.
* Policymakers at the European Central Bank have warned investors that higher borrowing costs are among the options on the table next week.
* The Bank of England is “much closer” to ending its run of interest rate hikes, Governor Andrew Bailey said on Wednesday.
* Rising US interest rates increase the opportunity cost of holding gold, which pays no interest.
* Policymakers expect ever-slower growth in China, perhaps even slower than current consensus estimates, saying its transition from an infrastructure- and investment-driven economy to a consumption is “difficult”.
* SPDR Gold Trust, the largest gold-backed exchange-traded fund, said its holdings fell 0.36% on Wednesday.
* Elsewhere, spot silver fell 0.3% to $23.15 an ounce, platinum gained 0.5% to $913.24 and palladium fell 0.4% to 1,210 $.35.
* Platinum will see a 2.2% larger-than-expected supply shortfall for 2023, due to strong demand and stable supply, the World Platinum Investment Council (WPIC) said. DATA/EVENTS (GMT) 0600 UK Halifax House Price Index Aug 0900 EU GDP Growth Rate Q2 1230 US Initial Jobless Claims Weekly (Reporting by Deep Vakil in Bengaluru; Editing by Rashmi Aich)
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