Indian Railways plans linking of these documents for booking tickets on IRCTC

Gold ticks up on weaker dollar, tamer than expected inflation data

[ad_1]




(Reuters) – Gold prices inched higher on Monday, as the dollar eased and tamer-than-expected U.S. inflation data allayed fears of an early monetary policy tightening by the Federal Reserve.

FUNDAMENTALS







* Spot gold was up 0.1% at $1,781.19 per ounce by 0109 GMT. U.S. gold futures rose 0.1% to $1,780.30.

* The dollar index eased 0.1% against rivals, making gold cheaper for holders of other currencies. [USD/]

* U.S. consumer spending paused in May, while the personal consumption expenditures price index, the Fed’s preferred inflation measure, came in below expectations.

* Minneapolis Fed President Neel Kashkari said on Friday he expected recent high inflation readings would not last and Americans would return to the labour market in large numbers in the fall.

* Republican Senate negotiators on an infrastructure deal were optimistic about a $1.2 trillion bipartisan bill on Sunday after President Joe Biden withdrew his threat to veto the measure unless a separate Democratic spending plan also passes Congress.

* On the physical front, the gold market in top consumer China flipped into a premium last week as prices eased although activity was subdued, while buyers in India held off for a sharper dip in rates as more jewellers opened up. [GOL/AS]

* Speculators cut their net long position in gold by 38,288 contracts to 76,163 in the week to June 22, data from the Commodity Futures Trading Commission showed on Friday. [CFTC/]

* Silver was steady at $26.07 per ounce, palladium rose 0.2% to $2,641.38. Platinum eased 0.1% to $1,109.64.

 

(Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu Sahu)(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor

[ad_2]

Source link

Tags: , , , , , ,
Previous Post
Indian Railways plans linking of these documents for booking tickets on IRCTC
LIC of India

A checklist for filing motor insurance claims after a cyclone

Next Post
Indian Railways plans linking of these documents for booking tickets on IRCTC
LIC of India

Has the second covid wave turned things in favour of homebuyers?

Call Now ButtonCall Now