Coal News Hubb
Advertisement Banner
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Gold price backpedals as new US economic data gives boost to dollar

admin by admin
December 22, 2022
in News


[Click here for an interactive chart of gold prices]

Meanwhile, the US dollar index edged up 0.3%, making precious metals slightly more expensive for holders of other currencies.

The latest data showed that new claims for unemployment benefits increased less than expected last week in the US, while the economy rebounded faster in the third quarter, rising 3.2% against the previously estimated 2.9%.

“The economic numbers we’re seeing indicate that there’s most likely going to be a more prolonged increase in interest rates,” Jeffrey Sica, chief executive officer of Circle Squared Alternative Investments, said in a Reuters report.

With the Fed raising rates and gold potentially seeing inflows in early-2023 from equities on the back of safe-haven trades, “it’s like driving with the brakes on – gold prices are going to move up, but not as much being that the Fed is committed to the 2% inflation target,” Sica said.

Gold prices are on track for a second consecutive yearly decline, with prices down more than $250 since March highs as central bankers hiked interest rates to tame inflation.

However, the latest price movements offer little insight on the outlook for gold heading into 2023.

Independent analyst Ross Norman highlighted the issue of book-squaring ahead of year-end or early new positions being put in ahead of the new year rush.

“It would be dangerous to read too much into gold’s price action just now given so many market participants are absent for the festive break… and thin markets are often prone to exaggerated moves on small volumes.”

(With files from Reuters)





Source link

Previous Post

Germany to boost reliance on coal as energy security trumps climate goals

Next Post

Ora Banda obtains financing for Australian gold project

Next Post

Ora Banda obtains financing for Australian gold project

Recommended

AMPCONTROL REBRANDS MEMBER COMPANIES IN ADVANCED AUSTRALIAN MANUFACTURING EXPANSION

2 days ago

Feature article in Mining & Quarry World December issue….Wheel Loaders

2 months ago

© 2022 Coal News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Coal Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact

© 2022 Coal News Hubb All rights reserved.