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  4. Gold prices dip as dollar rally dims appeal
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Gold prices dip as dollar rally dims appeal

By Eileen Soreng (Reuters) - Gold prices inched lower on Thursday as the dollar scaled a fresh two-decade peak after April U.S. inflation data bolstered expectations that the...
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Gold prices dip as dollar rally dims appeal © Reuters. FILE PHOTO: A customer checks a gold necklace before buying it at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri

By Eileen Soreng

(Reuters) - Gold prices inched lower on Thursday as the dollar scaled a fresh two-decade peak after April U.S. inflation data bolstered expectations that the Federal Reserve would stick to its aggressive rate-hike roadmap.

Spot gold fell 0.2% to $1,848.15 per ounce by 0959 GMT. U.S. gold futures were down 0.2% at $1,849.20.

"We would expect gold to get support from the higher inflation environment ... The dollar has actually gained quite a bit since the CPI print and that's prohibiting gold from making gains," WisdomTree analyst Nitesh Shah said.

The U.S. dollar index rose to fresh two-decade highs on as concerns that tighter monetary policies to tame surging inflation will hurt the global economy dampened risk sentiment and drove investors into the safe-haven currency. [USD/]

The inflation reading comes on the heels of the Fed raising its benchmark overnight interest rate by an aggressive half-a-percentage point last week, the most in 22 years.

There is also the risk of central banks overdoing it and posing recessionary risks which could support gold, Shah added.

Gold is highly sensitive to rising U.S. interest rates and higher yields, which increase the opportunity cost of holding non-yielding bullion and also tend to boost the dollar in which gold is priced. It is, however, seen as a safe store of value during economic and political crises.

Declines in gold were, however, limited by a slide in the benchmark 10-year Treasury yields, which hit the lowest level in two weeks. [US/]

Spot silver fell 1.4% to $21.25 per ounce, platinum dropped 2.6% to $966.21 and palladium slid 3.2% to $1,969.85.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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