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Gold slips as dollar, bond yields company after Fed main comment

Gold costs eased on Thursday as the U.S. dollar and bond yields ticked greater after comments from a Federal Reserve official on rates of interest cuts, while financiers eagerly anticipated more economic data for policy hints.

BASICS

* Area gold was down 0.2% at $2,189.29 per ounce, as of 0139 GMT.

* U.S. gold futures edged 0.1% lower to $2,188.30. per ounce.

* Fed Guv Christopher Waller stated on Wednesday recent. disappointing inflation information affirms the case for the U.S. reserve bank holding off on cutting its short-term interest rate. target.

* The dollar was up 0.1% versus its competitors, making. gold more pricey for other currency holder, while yields on. 10-year Treasury notes also rose.

* Investors now look forward to the U.S. core personal. intake expenditure (PCE) rate index report due on Friday. to gauge when the Fed may begin cutting interest rates.

* The PCE price index was seen increasing 0.3% in February,. which would keep the annual rate at 2.8%. Likewise on financier radar. is the weekly U.S. initial out of work claims report due later in. day.

* Traders are pricing in a 62% likelihood that the Fed will. begin cutting rates in June, down from a 70% possibility seen on. Wednesday, according to the CME Group's FedWatch Tool. Lower. interest rates reduce the chance expense of holding bullion.

* India's gold imports are set to plunge by more than 90% in. March from the previous month to hit the most affordable level since the. COVID pandemic, as banks cut imports after record-high costs. hit need.

* Area silver slipped 0.4% to $24.56 per ounce,. platinum increased 0.4% to $897.10 and palladium acquired. 0.4% to $987.66.

(source: Reuters)