Gold drops, investors await U.S. economic data to gauge inflation further

24.06.2021 - Kulakov Vladimir
Gold drops, investors await U.S. economic data to gauge inflation further

Gold edged down on Thursday trade in Asia as investors await U.S. economic data to gauge inflationary pressures further. A firming dollar also kept the yellow metal from advancing further.

Gold futures dropped 0.45% to $1,775.35 by 12:11 AM ET. The dollar, which usually moves inversely to gold, advanced on Thursday to a near 11-week high.

Aside from firming dollar, investors also considered comments from U.S. Federal Reserve officials. Fed Chairman Jerome Powell emphasized the central bank’ stance of retaining a loose monetary policy, but has also remarked that a gradual withdrawal of emergency support could happen in the months ahead.

Gold is commonly viewed as a hedge against inflation, but interest rate hike by the Fed will raise the opportunity cost of holding it.

In other precious metals, silver steadied at $25.87 per ounce. Palladium lowered 0.1%  while platinum added 0.5%.

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