Economy

Gold prices slip, pull away from 2-1/2 week highs

Gold prices slip, pull away from 2-1/2 week highs

The most active gold contract for April delivery rose 27.6 dollars, or 2.07 percent, to close at 1358.00 dollars per ounce.

Gold prices rose on Tuesday as the USA dollar slipped and markets anticipated the release of impending United States inflation data that may offer some clues on the pace of future U.S. interest rate increases.

On Thursday morning, the USA dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.18% at 88.74, its lowest since February 2.

A recovery in broader risk sentiment was seen weighing on the U.S. Dollar, which had gained during the market turmoil earlier in the month. "Some of the investors are a little more confident with the chart action of gold since it held the 50-day moving average".

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Gold prices slipped on Thursday, pulling away from the previous session's two-and-a-half week highs posted after mixed USA economic reports dampened expectations for a more aggressive rate hike policy by the Federal Reserve. "U.S. growth is more solid, wages are rising and the worry is the Fed will be forced into more rate hikes than now expected".

In other news, the Commerce Department said on Wednesday that US retail sales decreased 0.3 percent last month, the largest decline since February 2017, as households cut back on purchases of motor vehicles and building materials. Rising yields, in theory, should detract from appetite for gold because precious metals don't bear a yield.

It has fallen more than 3pc since hitting a 17-month peak at $1,366.07 in January.

"Over time, prices will provide the incentive to right palladium's balance, driving substitution in autocatalysts and industrial uses, as well as supporting the expansion of both recycling and new production capacity", ICBC Standard Bank said in a note.


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