LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » World News

Gold dips after U.S. inflation data, set for quarterly gain

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Sat, Sep 30, 2017
12:19 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Gold prices edged lower on Friday as slightly weaker U.S. inflation and consumer spending data did little to dampen expectations of an interest rate hike in December.

Spot gold was down 0.3 percent at $1,283.61 per ounce by 2:31 p.m. EDT (1831 GMT).

Gold futures for December delivery settled down $3.90, or 0.3 percent, at $1,284.80 per ounce, 2.8 percent lower for September, yet 2.9 percent higher for the quarter.

Spot gold was on track to decline 3 percent in September, its largest monthly fall so far in 2017 and the biggest since November 2016, after the dollar strengthened.

However, it was set to end the quarter 3.3 percent higher , rallying in July and August, partly due to geopolitical tensions including North Korea`s missile tests.

U.S. data showed inflation remained benign in August with the core personal consumption expenditures (PCE) price index rising 1.3 percent year-on-year, after advancing 1.4 percent in July.

Core PCE is the Federal Reserve`s preferred inflation measure and has a 2 percent target.

Friday`s data, however, hardly dimmed prospects of a rise, with financial markets pricing a roughly 71 percent probability of a December interest rate hike, compared with 76 percent earlier, the CME FedWatch tool showed.

Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the greenback.

Looming geopolitical tensions limited gold`s losses, added Bart Melek, head of commodity strategy at TD Securities in Toronto.

Meanwhile, palladium was up 0.8 percent at $936.20 per ounce. It was up 11.3 percent for the quarter and 38 percent in 2017.

Platinum was down 1.1 percent at $909.74 per ounce. The metal is set for an 8.7 percent drop for September.

Palladium traded at a premium to platinum for a third straight day after prices for the two metals hit parity for the first time since 2001 on Wednesday.

"We have held the view that although palladium would overtake platinum in the short term, the latter should ultimately regain its premium," said analyst Joni Teves at UBS.

"A rebound in gold would drag platinum higher and is the most likely trigger for a correction in PGM (platinum group metals) relative prices in the near term."

Highlighting investors` bullish attitude to palladium, exchange-traded fund holdings in the metal showed the first quarterly inflow since the second quarter of 2015.

Silver was down 0.6 percent at $16.73 per ounce and was on track for a 5.1 percent loss on the month, but end the quarter 0.6 percent higher.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Citi on Mutual Funds: UTI AMC is top pick; sector may deliver Healthy (15%) AUM / profit growth likely

SAIL OFS - Anil Singhvi picks it as Stock of the Day, says BUY | From floor, discount, subscription to outlook, know strategy here

Stocks to buy with Anil Singhvi: Career Point and Cadila Healthcare, Here are Vikas Sethi’s top two picks for good returns

Google Play Store removes 453 digital personal loan apps in India since Dec 28 in crackdown against unfair online lending | #OperationHaftaVasooli

Mutual Fund NFO: PGIM India Balanced Advantage Fund launched; minimum investment Rs 5000; know last date of offer

Weather update today: Delhi-NCR wakes up to another foggy morning, region reels under 'severe' cold; IMD issues alert for other states

Indian Logistics and Supply Chain Trends 2021 II Details Explained

PUBG Mobile India launch date: Rumours rage with this announcement; will the Battle Royale Game make comeback? Check latest report

Stocks in Focus on January 15: SAIL, Tata Steel Long Products, Bharti Airtel, Godrej Agrovet to Indiabulls Housing Finance; here are the 5 Newsmakers of the Day

Mid-cap Stock Picks With Anil Singhvi: Buy IRCTC, Trident and Speciality Restaurants shares for good returns

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved