Gold price nears 11-month low with dollar winning battle of havens. dollar gold markets
“We’d really need to see a much lower US dollar for gold to get a sustained positive kick going forward,” Lennox said. “Investors are turning more to the greenback than bullion as a haven asset.”
“The stronger dollar is pushing gold lower. After the consumer inflation data, traders have increased their expectations from a 75 bps rate hike to a 100 bps rate hike, hurting gold,” Philip Streible, chief market strategist at Blue Line Futures in Chicago,“Gold will unlikely see any upside unless inflation deteriorates enough to stop interest rate hikes or if other central banks start to be as aggressive as Fed, and that can weaken dollar,” Streible added.
“A feature in the marketplace for some time has been the appreciation of the dollar… History suggests this phenomenon can remain in place for quite some time, only making the greenback stronger,” said Jim Wyckoff, senior analyst at Kitco Metals.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Technical Outlook: Gold Works on Engulf off 11-month LowGold has responded to technical downtrend support with today’s post-CPI reversal now threatening a larger recovery within the broader downtrend. These are the updated targets and invalidation levels.
Read more »
Here's the alternative to U.S. dollar dominance — and it's not a rival currency, gold or bitcoinThere’s a basic problem with the global financial system — it’s too focused on the U.S. dollar. A new report from Barclays suggests a different route — central banks could decide to hold fewer reserves altogether.
Read more »
11-year-old boy charged with carjacking attempt, released on electronic monitoringPolice have said the boy was part of a group who tried to take a 48-year-old woman's vehicle by force early Monday in the Douglas neighborhood.
Read more »
Monthly cost of health insurance to rise about 11% on Colorado marketplace next yearThe monthly cost to buy health insurance from the state’s individual marketplace is expected to rise about 11.3% in 2023, though the “Colorado Option” may offer a lower-priced alternative.
Read more »