Gold prices lingered near a Mid-March low on Thursday Gold prices lingered near a Mid-March low on Thursday.
Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich.Gold prices lingered near a Mid-March low on Thursday, dragged down by a stronger dollar and hawkish comments from U.S. Federal Reserve Chair Jerome Powell.fell 0.5% to $1,911.70.Powell's hawkish remarks reinforced interest rates going higher for longer, with a higher opportunity cost of holding gold dimming the appeal of gold, said OCBC FX strategist Christopher Wong.
Investors now see an 81% chance of a 25-basis point rate hike in July before rates holding steady for the remainder of the year, according toMarket participants are now awaiting initial U.S. jobless claims and final first-quarter GDP numbers due later in the day, along with personal consumption expenditures data for May on Friday.
Analysts polled by Reuters expect the core PCE, the Fed's favored inflation gauge, to be 4.7% on a year-over-year basis, well above the Fed's 2% target. Asian shares were subdued on the premise of higher interest rates, while the Japanese yen and the Chinese yuan struggled to lift from lows amid fears of official intervention. MKTS/GLOB
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