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Gold slips on dollar strength as Fed taper looms

Senin, 11 Oktober 2021 / 22:26 WIB
Gold slips on dollar strength as Fed taper looms
ILUSTRASI. Gold. REUTERS/Ilya Naymushin

Sumber: Reuters | Editor: Herlina Kartika Dewi

KONTAN.CO.ID - NEW YORK. Gold slipped on Monday as dollar strengthened on bets the Federal Reserve would not put off stimulus tapering, but stagflation expectations limited losses in the bullion that is perceived as a hedge against inflation.

Spot gold was last down 0.1% to $1,755.81 per ounce by 10:46 a.m. EDT (1446 GMT), while U.S. gold futures rose 0.1% to $1,758.50.

Support for gold "could be coming from some people thinking we have some stagflation at the moment, which is when gold is at its best, as inflation goes higher," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Jitters over high inflation combined by stalling economic growth stunted global shares, amid rallying oil prices.

The dollar held steady, hurting gold's appeal for those holding other currencies.

Baca Juga: Crude jumps to multi-year highs on global energy crunch

While the dollar's dominance could last until the Fed announces tapering, "the downside pressure on gold is starting to near its end, and we're approaching a peak where gold can finally stabilize and ultimately regain its historically longer bullish trend," said Edward Moya, senior market analyst at brokerage OANDA.

Higher interest rates, that come with a tighter monetary policy, translate into increased opportunity cost of holding bullion, dulling its appeal.

Spot silver rose 0.1 % to $22.68 per ounce.

Palladium advanced 3% to $2,140.14 per ounce, with analysts attributing the bounce to short-covering after recent declines, while platinum was last down 0.5% at $1,021.02, after hitting a 2-month peak earlier. Palladium is seeing a technical rebound after prices hit support around $1,870, said ANZ analyst Soni Kumari.

"Fundamentals haven't changed much with auto sector continuing to face challenges due to micro-chip shortage. Until we see auto production recovering meaningfully, which will depend on availability of semiconductors, we expect PGMs (platinum group metals) to remain volatile," Kumari added. Platinum and palladium are used mainly in vehicle engines to reduce emissions. 

Selanjutnya: Gold subdued as Fed seen staying on tapering path