Connect with us

Hi, what are you looking for?

Commodities & Futures

Gold Heads for Worst Month Since 2016 on Dollar Strength, Fed

Commodities1 hour ago (Jun 29, 2021 09:54PM ET)

(C) Reuters. Gold Heads for Worst Month Since 2016 on Dollar Strength, Fed

(Bloomberg) — Gold headed for the biggest monthly drop in more than four years as the dollar strengthened, with investors weighing the outlook for monetary policy after the Federal Reserve’s hawkish shift.

Risk sentiment is also in play as U.S. shares edged up to a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. Moderna (NASDAQ:MRNA) Inc. said its vaccine produced protective antibodies against the delta variant, which has spread around the world since emerging in India. A gauge of the greenback rose, adding pressure on the precious metal.

Bullion has resumed a downtrend as the Fed pulled forward its expected timing and pace of interest-rate increases, and started a discussion of when to taper asset purchases. Fed Bank of Richmond President Thomas Barkin said Tuesday the U.S. labor market isn’t close to its pre-pandemic levels and he wants to see much more progress before tapering.

Spot gold was little changed at $1,761.22 an ounce at 7:36 a.m. in Singapore, after dropping to $1,750.75 on Tuesday, the lowest intraday level since April 15. Prices are down 7.6% this month, the most since November 2016. Silver and platinum steadied, while palladium rose. The Bloomberg Dollar Spot Index is up 2% in June, heading for the biggest monthly gain since March 2020.

(C)2021 Bloomberg L.P.

Gold Heads for Worst Month Since 2016 on Dollar Strength, Fed

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...


Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...


(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

Disclaimer: it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved