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Gold scales 1-week peak as dollar slides on robust China data

admin by admin
March 1, 2023
in News


An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. in Budapest, Hungary.

Akos Stiller | Bloomberg | Getty Images

Gold prices gained 1% on Wednesday as strong Chinese economic data dented the dollar and drove some bets for better physical demand from the top bullion consumer, although the risk of rising U.S. interest rates capped gains.

Spot gold was last up 0.54% at $1,837.05 per ounce, rising up to $1,844.5 earlier, their highest in a week. U.S. gold futures settled up 0.5% at $1,845.40.

With strong data out of China and some countries looking to continue with rate hikes, the dollar was weakening against other currencies, providing some support to the gold market, said David Meger, director of metals trading at High Ridge Futures.

The dollar hit a one-week low earlier today after China’s yuan gained as the country’s manufacturing activity expanded at its fastest pace since April 2012.

Since gold is priced in U.S. dollars, a weaker currency makes it more affordable for foreign buyers.

The day’s gains in prices come after bullion posted its worst month since June 2021 in February after strong U.S. data pointed to a resilient economy, suggesting that the Federal Reserve could deliver more rate hikes to curb inflation.

Higher interest rates to rein in consumer prices dim the appetite for bullion since it pays no interest against bond yields.

U.S. employment and consumer prices reports in the next two weeks would help investors to gauge the path of interest rates.



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Tags: Breaking News: Marketsbusiness newsDXY US Dollar Currency IndexGold / US Dollar SpotGold COMEX (Apr'23)Metal CommoditiesPalladium / US Dollar SpotPlatinum / US Dollar SpotPrecious metal marketsPrecious metals industrySilver / US Dollar Spot
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