Gold posts a gain on Thursday, a day after settling at its lowest price in three weeks, but strength in the U.S. dollar in the wake of an interest-rate hike...
Gold posted a gain on Thursday, a day after settling at its lowest price in three weeks, but strength in the U.S. dollar in the wake of an interest-rate hike and statement from the European Central Bank helped to limit the metal’s rise.
Price action Market drivers Traders described the ECB’s 25 basis point interest rate hike on Thursday as “dovish,” potentially boosting the appeal of gold by suggesting that global bond yields may not need to rise much higher. The U.S. dollar caught a boost from the ECB hike as the euro EURUSD, -0.86% fell. The ICE U.S. Dollar Index DXY was up 0.6% at 105.43 in Thursday dealings, pressuring dollar-denominated gold prices.“It is difficult to be too bullish on gold right now as the renewed surge in inflation may force the Fed to hike interest rates perhaps one more time before the end of the year,” Fawad Razaqzada, market analyst at City Index and FOREX.com, said in a market update.
That data followed a reading on consumer prices on Wednesday that revealed a rise of 0.6% in August — the biggest increase in 14 months.
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