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Gold bounces as dollar uptick halts after U.S. inflation data

By Ashitha Shivaprasad (Reuters) - Gold resumed its climb on Wednesday after a knee-jerk retreat tied to the release of U.S. inflation data, as the dollar slipped with investors...
Gold bounces as dollar uptick halts after U.S. inflation data © Reuters. FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri

By Ashitha Shivaprasad

(Reuters) - Gold resumed its climb on Wednesday after a knee-jerk retreat tied to the release of U.S. inflation data, as the dollar slipped with investors latching on to a slight cooling of consumer prices.

Spot gold was up 0.8% at $1,852.65 per ounce by 02:05 p.m. EDT (1814 GMT). U.S. gold futures settled up 0.7% at$1,853.70.

U.S. consumer price growth slowed in April as gasoline prices eased off record highs, suggesting inflation has probably peaked, though it is likely to stay hot for a while and keep the Federal Reserve raising interest rates to cool demand.

Helping gold advance, the dollar index, which initially strengthened on the CPI data, edged down 0.1%.

"The market saw the print and went 'SELL, SELL, SELL.' But gold has since bounced back with the thinking that the data is higher than expected, but not horrifying," said Tai Wong, an independent metals trader in New York.

"The Fed won't get more hawkish with this report, but definitely won't ease off either."

U.S. central bank officials on Tuesday fortified their arguments for the swiftest series of rate hikes since at least the 1990s to combat inflation.

"Overall, gold hasn't been a bad investment. It's been holding a fairly tight range, I'd much rather own gold than Nasdaq, or Bitcoin," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Although gold is considered a safe haven from inflation, rising U.S. interest rates increase the opportunity cost of holding bullion, while boosting the dollar, the currency in which gold is priced.

"We expect (gold) prices to revert to taking cue from real yields as the year unfolds, encountering downside pressure in H2 but remaining elevated relative to historical levels," said Suki Cooper, an analyst at Standard Chartered (OTC:SCBFF).

Spot silver gained 1.6% to $21.58 per ounce, platinum climbed 3.7% to $999.33, while palladium eased 1% to $2,044.17.

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07-06-2023 05:21:22 (UTC+7)

EUR/USD

1.0695

+0.0002 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0695

+0.0002 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2425

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/JPY

139.57

-0.07 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.6671

0.0000 (0.00%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

USD/CAD

1.3402

-0.0001 (-0.01%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

EUR/JPY

149.27

-0.05 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

EUR/CHF

0.9707

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Gold Futures

1,980.05

+0.30 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Silver Futures

23.677

0.000 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

3.7655

-0.0010 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (10)

Crude Oil WTI Futures

71.58

+0.14 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

Brent Oil Futures

76.12

-0.59 (-0.77%)

Summary

Sell

Moving Avg:

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Natural Gas Futures

2.266

+0.007 (+0.31%)

Summary

↑ Buy

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US Coffee C Futures

184.08

+0.98 (+0.54%)

Summary

↑ Buy

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Sell (1)

Indicators:

Buy (5)

Sell (4)

Euro Stoxx 50

4,295.22

+1.98 (+0.05%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (6)

S&P 500

4,283.85

+10.06 (+0.24%)

Summary

Buy

Moving Avg:

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Sell (5)

Indicators:

Buy (3)

Sell (2)

DAX

15,992.44

+28.55 (+0.18%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (6)

FTSE 100

7,628.10

+28.11 (+0.37%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Indicators:

Buy (1)

Sell (7)

Hang Seng

19,099.28

-9.22 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

1,856.34

+49.63 (+2.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

9,310.80

+21.70 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

BASF SE NA O.N.

46.760

+0.225 (+0.48%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Bayer AG NA

52.28

+0.16 (+0.31%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

Allianz SE VNA O.N.

210.50

+0.55 (+0.26%)

Summary

Sell

Moving Avg:

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Sell (8)

Indicators:

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Sell (3)

Adidas AG

159.68

+1.38 (+0.87%)

Summary

Neutral

Moving Avg:

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Sell (4)

Indicators:

Buy (2)

Sell (7)

Deutsche Lufthansa AG

9.141

+0.030 (+0.33%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

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Buy (4)

Sell (1)

Siemens AG Class N

158.36

-0.16 (-0.10%)

Summary

Neutral

Moving Avg:

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Sell (5)

Indicators:

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Sell (5)

Deutsche Bank AG

9.784

+0.088 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

 EUR/USD1.0695Neutral
 GBP/USD1.2425↑ Buy
 USD/JPY139.57↑ Sell
 AUD/USD0.6671↑ Sell
 USD/CAD1.3402Sell
 EUR/JPY149.27↑ Sell
 EUR/CHF0.9707↑ Sell
 Gold1,980.05↑ Buy
 Silver23.677↑ Buy
 Copper3.7655↑ Sell
 Crude Oil WTI71.58Neutral
 Brent Oil76.12Sell
 Natural Gas2.266↑ Buy
 US Coffee C184.08↑ Buy
 Euro Stoxx 504,295.22Sell
 S&P 5004,283.85Buy
 DAX15,992.44↑ Sell
 FTSE 1007,628.10↑ Sell
 Hang Seng19,099.28↑ Buy
 Small Cap 20001,856.34↑ Buy
 IBEX 359,310.80↑ Buy
 BASF46.760↑ Sell
 Bayer52.28↑ Buy
 Allianz210.50Sell
 Adidas159.68Neutral
 Lufthansa9.141↑ Buy
 Siemens AG158.36Neutral
 Deutsche Bank AG9.784Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,640/ 6,680
(0/ 0) # 1,084
SJC HCM6,640/ 6,700
(0/ 0) # 1,103
SJC Hanoi6,640/ 6,702
(0/ 0) # 1,105
SJC Danang6,640/ 6,702
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SJC Nhatrang6,640/ 6,702
(0/ 0) # 1,105
SJC Cantho6,640/ 6,702
(0/ 0) # 1,105
Cập nhật 07-06-2023 05:21:25
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Ngoại tệMua vàoBán ra
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Cập nhật lúc 18:50:59 06/06/2023
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