{"id":126780,"date":"2019-07-09T14:50:34","date_gmt":"2019-07-09T14:50:34","guid":{"rendered":"https:\/\/www.bnreport.com\/gold-slips-to-one-week-low-on-dollar-rally-focus-on-fed\/"},"modified":"2019-07-09T14:50:34","modified_gmt":"2019-07-09T14:50:34","slug":"gold-slips-to-one-week-low-on-dollar-rally-focus-on-fed","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gold-slips-to-one-week-low-on-dollar-rally-focus-on-fed\/","title":{"rendered":"Gold slips to one-week low on dollar rally, focus on Fed"},"content":{"rendered":"

Gold<\/a> eased to a one-week low on Tuesday, consolidating below $1,400 as the dollar rallied on expectations of a less dovish US Federal Reserve ahead of testimony from the chairman of the central bank.<\/p>\n

Spot gold was 0.5 per cent lower at $1,387.80 per ounce at 1026 GMT, having earlier touched $1,386.11, its lowest since July 2.<\/p>\n

US gold futures for August delivery shed 0.7 per cent to $1,389.50.<\/p>\n

"The (gold) market is clearly erring on the side of caution. We have the dollar having moved higher and with that, gold is struggling a bit," said Saxo Bank analyst Ole Hansen, noting that bullion was managing to hold above key support around $1,380.<\/p>\n

"The real question is how dovish will Powell be in his expression of the US economy."<\/p>\n

Fed Chairman Jerome Powell's two-day testimony before Congress starts on Wednesday.<\/p>\n

The dollar hit a three-week high against a basket of currencies, with expectations of a 50-basis-point interest rate cut by the Fed this month falling to 5.9 per cent from 25 per cent last week.<\/p>\n

However, chances of a 25-basis-point cut were at 98 per cent.<\/p>\n

Investors also think there is a higher chance the central bank will not cut rates in September.<\/p>\n

Adding to the reduced expectations for a larger cut, US consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday.<\/p>\n

Higher interest rates boost the dollar, making dollar-denominated gold more expensive for buyers using other currencies and reducing investor interest in non-yielding bullion.<\/p>\n

On the technical front, gold is now is now consolidating around $1,400, plus or minus $20 per ounce, said Samson Li, a Hong Kong-based precious metals<\/a> analyst at Refinitiv GFMS.<\/p>\n

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the US Commodity Futures Trading Commission<\/a> said on Monday.<\/p>\n

"The biggest risk in the market is the success gold has had in aRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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Gold eased to a one-week low on Tuesday, consolidating below..<\/p>\n","protected":false},"author":1,"featured_media":126781,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-126780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nGold slips to one-week low on dollar rally, focus on Fed - Business News Report<\/title>\n<meta name=\"description\" content=\"Gold eased to a one-week low on Tuesday, consolidating below..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/gold-slips-to-one-week-low-on-dollar-rally-focus-on-fed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold slips to one-week low on dollar rally, focus on Fed - 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