Tag: Gold

Gold slips as dollar steadies, U.S. stocks extend climb

Gold slips as dollar steadies, U.S. stocks extend climb

Gold slipped Monday, pressured by stock-market gains and overall global risk-taking seen after Friday’s U.S. jobs report eased concerns over accelerating inflation and faster U.S. interest-rate hikes.
April gold GCJ8, -0.12% fell $5.60, or 0.4%, to $1,318.40 an ounce.
Gold prices ended higher Friday, turning the metal’s weekly return just positive after a report revealed a strong rise in U.S. hiring but disappointing growth in wages.
The latest snapshot of the U.S. labor market showed strong job growth and a higher participation rate, with the nation adding 313,000 new jobs in February.
Rising inflation could add pressure on the Fed to speed up its rate rises, which could strangle the stock market.
Gold, in turn, although negatively affected by higher interest rates, could attract hedging demand against too-hot inflation.
Higher interest rates tend to be dollar-positive.
“I think the [U.S. dollar] could continue to recover this week.
That’s because in a relatively quiet week, the main indicator—in fact the main event—is going to be the release of the U.S. CPI for February on Tuesday,” said Marshall Gittler, chief strategist at ACLS Global.
As for other metals, May silver SIK8, -0.38% fell 11.3 cents, or 0.7%, to $16.495 an ounce.