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Gold at More Than One-Week High as Dollar Slips

Senin, 28 November 2022 / 20:39 WIB
Gold at More Than One-Week High as Dollar Slips
ILUSTRASI. Gold prices rose to more than one-week high on Monday, buoyed by a weaker U.S. dollar.

Sumber: Reuters | Editor: Wahyu T.Rahmawati

KONTAN.CO.ID - JAKARTA. Gold prices rose to more than one-week high on Monday, buoyed by a weaker U.S. dollar and ahead of U.S. Federal Reserve Chair Jerome Powell's speech later this week that could give clues on the monetary policy outlook.

Spot gold was flat at $1,755.38 per ounce, as of 1258 GMT, after hitting its highest since Nov. 18 earlier in the session. U.S. gold futures edged 0.1% higher to $1,755 per ounce.

"The dollar turning a touch lower is helping gold prices now," independent analyst Ross Norman said, adding if protests in China against strict COVID curbs escalate quickly, it would be positive for the gold market.

The dollar fell 0.8% against its rivals, making gold less expensive for other currency holders.

Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China's stringent restrictions flared for a third day and spread to several cities.

The protests dented investors risk appetite.

Read Also: Oil Prices Erase 2022 Gains as China's Protests Spark Demand Worries

Fed's Powell is due to speak on the outlook for the U.S. economy and the labour market at a Brookings Institution event on Wednesday.

The U.S. Labor Department's November nonfarm payrolls data due on Friday is also expected to provide more clarity on the Fed's rate-hike path. Higher interest rates increase the opportunity cost of holding the non-yielding metal.

Traders are pricing in a 50 basis-point increase at the Fed's December meeting after minutes of the last policy meeting signalled a slower pace of hikes.

"This month's largely sentiment driven gains (in gold) will face a swift turnaround if the Fed doesn't prove as near to slowing down its aggressive rate hikes as initially expected," Kinesis Money analyst Rupert Rowling said in a note.

Meanwhile, silver slipped 1% to $21.37 per ounce, platinum rose 1.1% to $990.88 and palladium fell 0.8% to $1,838.78. 

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