Connect with us


Gold put under pressure by stronger dollar and faster bets on Fed tapering




  • Return likely to $ 1,800 / oz if gold drops below $ 1,830 – analyst
  • Fed vice chairman says faster cut debate likely in December
  • Investors await Biden Fed chairman’s decision

Nov. 22 (Reuters) – Gold eased on Monday, hovering near a two-week low, weighed down by a stronger dollar and expectations that rising inflation could push the Federal Reserve to accelerate the tightening of its monetary policy.

Spot gold fell 0.2% to $ 1,841.20 an ounce at 12:24 GMT, after hitting its lowest level since November 10 at $ 1,836.00. US gold futures fell 0.6% to $ 1,841.30.

“Gold is supported by surging inflation… but the market is slightly worried about how the Fed is going to deal with it and whether it will step up its efforts, and that could be a short-term drag for the gold, ”said Saxo Bank. analyst Ole Hansen.

Register now for FREE and unlimited access to

A break below $ 1,830 could open gold at the risk of a return to $ 1,800, Hansen added.

Fed policymakers are debating whether to withdraw support more quickly to deal with inflation, with one of its most influential officials signaling that the idea will be on the table at their December meeting. Read more

The resilience of the US economy has also benefited the dollar and fueled speculation that the Fed may accelerate its reduction, CMC Markets UK analyst Michael Hewson said in a note.

A stronger dollar (.DXY) makes bullion expensive for foreign buyers, while higher rates mean an increase in the opportunity cost of holding unproductive gold.

Investors have also been keeping an eye on US President Joe Biden’s appointment of a new Fed chairman and the return of COVID-19 restrictions in parts of Europe. Read more

“And gold could see some recovery if Lael Brainard is named the next Fed chairman because she’s more on the dovish side,” said Xiao Fu, head of commodities strategy at Bank of China International. .

Elsewhere, spot silver rose 0.6% to $ 24.72 an ounce, platinum edged up 0.2% to $ 1,033.13, while palladium fell 0.9 % to $ 2,042.62.

Register now for FREE and unlimited access to

Reporting by Arundhati Sarkar in Bengaluru Editing by Mark Heinrich and David Evans

Our standards: Thomson Reuters Trust Principles.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]