Securities week 04 08072022 buyers need

 Securities week 04 08072022 buyers need

Gold rallied Friday morning in Asia as the dollar fell on uncertainty over the size of the US interest rate hike.

Gold futures inched 0.04% to $1,706.50 by 11:58 PM ET (3:58 AM GMT). The dollar , which usually moves inversely with gold, was up on Friday morning.

“Gold has fallen in the face of a stronger US dollar this week but seems to be trying to form a temporary base above $1,700. However, it shows no sign of meaningful upward momentum,” OANDA senior analyst Jeffrey Halley told Reuters.

"In the bigger technical picture, gold still looks vulnerable, with risks tilted to the downside," Halley added.

In the Fed's latest comments, Governor Christopher Waller favored a 75 basis point increase in interest rates this month, although he said he could raise rates further if the data warrants it.

Fed President St. Louis James Bullard echoed some of those remarks, saying he favors a rate hike at the same rate, not as investors had speculated after Wednesday's data showed inflation was picking up . fast.

“Investment demand for gold is weakening,” ANZ Research said in a note, adding that gold will continue to come under pressure from expectations of a major Fed rate hike.

Among other precious metals, silver rose 0.12%. Platinum fell 0.24%, while palladium gained 0.18%.

Đăng nhận xét

Join our Team