Read more about Gold prices subdued with focus on US inflation data, ECB meeting on Business Standard. Spot gold was down 0.1 per cent at $1,886.66 per ounce, as of 3.05am GMT
Read more about Gold prices hold steady as spotlight shifts to US data, ECB meeting on Business Standard. Gold prices held steady on Wednesday as bond yields remained under pressure, with investors on the sidelines ahead of more data on US inflation
Read more about Gold rises above $1,900/oz as dollar weakens, inflation jitters persist on Business Standard. Gold prices rose above the key psychological level of $1,900 per ounce on Wednesday, helped by a weaker dollar and growing inflation concerns after Federal Reserve officials maintained a dovish stance
By Shreyansi Singh (Reuters) - Gold prices ticked up on Wednesday, lifted by a retreat in the dollar, although gains were kept in check after U.S. Treasury Secretary Janet Yellen said interest rates may need to rise. Spot gold was up 0.2% at $1,781.14 per ounce by 0321 GMT. U.S. gold futures rose 0.3% to $1,784.60. A pullback in the dollar more broadly, after last night s strong selling has been supportive for gold prices, IG Market analyst Kyle Rodda said. There is going to be a reasonably strong resistance zone between $1,800 and $1,810, if prices happen to push through there, you might see some buyers on the other side of that.
US treasury secretary Janet Yellen said interest rates may have to rise modestly to prevent the American economy from overheating due to higher levels of government spending. It may be that interest rates will have to rise somewhat to make sure our economy doesn t overheat, Yellen said in an interview with the Atlantic that was broadcast on Tuesday. It could cause some very modest increases in interest rates.
Stocks extended their losses on Tuesday and the dollar briefly touched session highs after Yellen s remarks.
Yellen s comments come amid a debate on whether US President Joe Biden s raft of proposed and enacted government spending could spur a surge in price pressures. Administration officials have consistently argued that there s little concern about a damaging inflation acceleration, given the tools policymakers have to head off such an outcome.