Commodities

Gold sharpens decline to two-week low as dollar edges up

2022-06-29 12:58:26 GMT (Economies.com)

Gold prices fell in European trade for the third straight session to two-week lows as dollar climbs against a basket of major rivals. 

 

Gold is also pressured by weaker demand on non-yielding assets amid higher interest rates as global central banks move to control inflation. 

 

Prices Today

 

Gold prices declined 0.4% on Wednesday to $1,812 an ounce, off a session-high at $1,822 an ounce, after losing 0.2% yesterday, the second loss in a row. 

 

The Dollar

 

The dollar index rose 0.2% on Wednesday for a second session against a basket of major rivals, pressuring gold prices. 

 

The gains came as US yields improved once more on prospects of a 0.75% rate hike by the Fed in July. 

 

Global Banks

 

Global Central Banks continue to move to control runaway inflation by hiking rates and tightening policies. 

 

The SPDR 

 

Gold holdings at the SPDR Gold Trust fell 2.03 tones yesterday, the sixth decline in a row, to a total of 1,054 tones, the lowest since May 17/ 

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