gold prices
Gold prices rose in early Asian trading on Thursday, against the backdrop of a decline in the dollar and a decline in US Treasury bond yields, but they remained near their lowest levels in five weeks as investor optimism about cutting interest rates faded after tough comments from a Federal Reserve official and strong data.
The dollar fell 0.2 percent, making gold priced in the US currency less expensive for holders of other currencies. Benchmark 10-year US Treasury bond yields also fell.
Retail sales in the United States rose more than expected last month, making the economy enter the new year on solid ground.
Atlanta Fed President Rafael Bostic is expected to speak at two separate events later Thursday.
Bostic said inflation could “swing” if policymakers rush to cut interest rates, warning that cutting inflation toward the central bank’s 2 percent target is likely to slow in the coming months, the Financial Times reported Sunday.
Lowering interest rates reduces the opportunity cost of holding bullion.
Change in prices
By 0121 GMT, the spot price of gold rose 0.2 percent to $2,010.59 per ounce, a day after it fell to $2,001.72, its lowest level since December 13.
US gold futures also increased 0.3 percent to $2,012.40.
As for other precious metals, silver rose in spot transactions by 0.4 percent to $22.61 per ounce, platinum increased by 0.2 percent to $885.38, and palladium rose by 1.2 percent to $926.54 per ounce.
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