Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Down as Dollar Inched Up, but Moves Small

Published 26/10/2021, 04:30
Updated 26/10/2021, 04:30
© Reuters.

© Reuters.

By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia. The dollar, which usually moves inversely to gold, inched up 0.07% on Tuesday, recovering from a near one-month trough hit during the previous session.

Gold Futures inched down 0.07% to $1,805.55 by 11:15 PM ET (3:15 AM GMT) as investors await key central bank meetings this week. A stronger greenback makes gold more expensive for buyers holding other currencies.

Also, benchmark 10-year U.S. Treasury yields rose slightly at 1.6431%, raising non-interest-bearing gold’s opportunity cost.

Investors await policy decisions from the meetings from the Bank of Japan and the European Central Bank (ECB) on Thursday, both due on Thursday. Neither of the central banks are likely to announce a change in policy, though the ECB might address how inflationary pressures could affect policy, according to Reuters.

The U.S. Federal Reserve and the Bank of England are also set to meet next week. However, Bank of England interest rate-setter Silvana Tenreyro said she needed more time to judge how the end of the government’s job-saving furlough scheme was affecting the labour market, which is a signal that she sees no urgency to raise rates, according to Reuters.

In other precious metals, silver fell 0.1% to $24.53 per ounce. Platinum edged 0.1% down and palladium rose 0.2%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.