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  4. Gold hits 2-month low as rallying dollar saps demand
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Gold hits 2-month low as rallying dollar saps demand

By Eileen Soreng (Reuters) - Gold prices slipped 1% to a two-month low earlier on Wednesday as a rally in dollar on expectations of faster U.S. rate hikes dented the appeal of...
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Gold hits 2-month low as rallying dollar saps demand © Reuters. FILE PHOTO: A machine engraves information on an ingot of 99.99 percent pure gold at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk

By Eileen Soreng

(Reuters) - Gold prices slipped 1% to a two-month low earlier on Wednesday as a rally in dollar on expectations of faster U.S. rate hikes dented the appeal of greenback-priced bullion.

Spot gold fell 0.6% at $1,894.96 per ounce as of 1001 GMT, having dropped to $1,886.09, a low since Feb. 25. U.S. gold futures slid 0.4% to $1,896.

"We are in an environment which is definitely not the best one for gold," said Carlo Alberto De Casa, external market analyst at Kinesis. He added that bullion is slowing down due to the strength of the U.S. dollar and expectations of a hawkish Federal Reserve policy.

The dollar index, which measures its performance against a basket of six major currencies, scaled a post-March 2020 peak driven by the prospect of aggressive U.S. rate hikes and safe-haven flows fanned by slowing growth in China and Europe. [USD/]

"Inflation pressure can be positive for gold if central banks are unable to keep the rally of prices under control," De Casa said.

Rising U.S. interest rates increased the opportunity cost of holding non-yielding gold, while also boosting the dollar, in which it is priced. The greenback is also seen as a rival safe-haven asset to gold during economic and political crises.

"So, $1,900 is clearly a pivotal level for today's session...Looking further out, it's not looking ideal at the moment with the U.S. dollar at a 25-month high," trading firm City Index's senior market analyst Matt Simpson said.

In other metals, spot silver rose 0.4% to $23.57 per ounce, platinum eased 0.6% to $915.37 and palladium jumped 1.7% to $2,224.07.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

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Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

-0.0105 (-0.23%)

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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17,763.03

+16.12 (+0.09%)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Neutral

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49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

-0.24 (-0.87%)

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

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6.714

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15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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