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PRECIOUS-Gold flat as Yellen's comments on rates counter muted dollar

CommoditiesMay 05, 2021 04:54
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© Reuters.

May 5 (Reuters) - Gold prices were flat on Wednesday, as
concerns over possibility of higher U.S. interest rates
countered a subdued dollar, while palladium held firm after
scaling a record high in the previous session.

FUNDAMENTALS
* Spot gold XAU= was unchanged at $1,778.53 per ounce by
0137 GMT, after falling over 1% in the previous session.
* U.S. gold futures GCv1 rose 0.2% to $1,779.00 per ounce.
* Palladium XPD= rose 0.1% to $2,985.81 per ounce, after
scaling an all-time high of $3,017.18 per ounce on Tuesday.
* Supply shortfalls were worsened after top producer
Nornickel GMKN.MM announced disruptions at two Siberian mines
due to waterlogging. * The dollar index .DXY was down 0.1% against its rivals,
making gold less expensive for other currency holders. USD/
* U.S. Treasury Secretary Janet Yellen said on Tuesday she
sees no inflation problem brewing, downplaying earlier comments
rate hikes may be needed to stop the economy overheating as
President Joe Biden's spending plans boost growth. * Higher interest rates increase the opportunity cost of
holding non-yielding bullion.
* The U.S. trade deficit jumped to a record high in March
amid roaring domestic demand, which is drawing in imports.
* The U.S. economy is growing at its fastest rate since the
early 1980s while household bank accounts are bulging with cash
doled out by the federal government to blunt the impact of the
coronavirus pandemic. * Perth Mint's silver sales rose in April on strong demand,
while gold sales eased due to lower output, the refiner said in
a blog post on Tuesday. * Silver XAG= was steady at $26.52 per ounce, while
platinum XPT= dipped 0.2% to $1,235.46.

DATA/EVENTS (GMT)
0750 France Markit Serv, Comp PMIs
0755 Germany Markit Services PMI
0755 Germany Markit Comp Final PMI
0800 EU Markit Serv, Comp Final PMIs
1345 US Markit Serv, Comp Final PMIs
1400 US ISM N-Mfg PMI

PRECIOUS-Gold flat as Yellen's comments on rates counter muted dollar
 

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