Sunday, June 4, 2023

Gold Up, Looks to End Week With Third Consecutive Weekly Gain By


© Reuters.

By Gina Lee – Gold was up on Friday morning in Asia and is set to end the week with its third consecutive weekly gain. A drop in U.S. Treasury yields also gave the safe-haven yellow metal a boost while the , which usually moves inversely to gold, inched up on Friday but fell from three-month highs.

edged up 0.14% to $1802.75 by 12:53 AM ET (4:53 AM GMT), with prices rising 0.8% for the week to date.

The set a new inflation target of 2% in the results of its 18-month review on Thursday. The central bank added that it would also tolerate moderate overshoots.

The ECB’s approach contrasted with that of the U.S. Federal Reserve. The latter hinted at preparations to taper assets in the released earlier in the week.

However, some investors did not expect global markets to have a violent “taper-tantrum” like the one in 2013. The Fed is, however, expected to further discuss asset tapering of asset purchases at its annual Jackson Hole gathering in August.

Investors also digested data released by China earlier in the day that said the grew 8.8% year-on-year, slightly down from the 9% growth seen in May.

The data also said consumer price index (CPI) grew a smaller-than-expected 1.1% in June, while contracting a bigger-than-expected 0.4% .

In other precious metals, silver eased 0.1%, palladium fell 0.4% and platinum inched up 0.1%.

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