Silver hits one-week high Spot gold may rise to $1,876/oz -Reuters technical analyst (Updates prices)
May 17 (Reuters) - Gold prices hit a 3-1/2 month high on Monday as a dip in U.S. Treasury yields and persistent inflation worries in the bullion market burnished its appeal.
Spot gold rose 0.4% to $1,848.66 per ounce by 1220 GMT, after hitting its highest since Feb. 2. U.S. gold futures gained 0.5% to $1,848.00.
“Higher than expected (U.S.) consumer price inflation and weaker retail sales was really the potent combination for gold,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Higher inflation has been the key source of inspiration for renewed demand that we have seen in gold, especially during the last couple of weeks.”
Gold eyes second straight weekly gain (Adds comments, updates prices)
May 14 (Reuters) - Gold rose on Friday, as the dollar pulled back from one-week highs after U.S. Federal Reserve officials downplayed an imminent rise in interest rates despite a sharp rise in inflation.
Spot gold gained 0.5% at $1,835.11 per ounce by 1158 GMT. U.S. gold futures rose 0.6% to $1,835.30.
The dollar index was down 0.3% against its rivals, making gold cheaper for other holders of other currencies.
“The Fed is not going to throw the economic recovery off course by raising rates,” StoneX analyst Rhona O’Connell said. “There’s too much risk involved to start either aggressive tapering or raising rates because there is not enough underlying strength in the economy.”
U.S. consumer price data due at 1230 GMT U.S. job openings hit record high in March (Updates prices)
May 12 (Reuters) - Gold prices fell on Wednesday, weighed down by higher U.S. Treasury yields and a slight rebound in the dollar ahead of the much-awaited U.S. consumer price data due later in the day.
Spot gold was down 0.4% at $1,829.94 per ounce by 0510 GMT. U.S. gold futures eased 0.3% to $1,830.30.
“The dollar has strengthened a little bit . if the inflation rate is higher than expected, it could encourage central banks to consider tightening their monetary policies faster than expected,” said Margaret Yang, a strategist at DailyFX.