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
Read in App
Business News » World News

Gold slips as dollar firms on speculation over Fed chief

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Oct 18, 2017
01:37 pm
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 slipped on Wednesday as the dollar strengthened amid speculation that the next U.S. Federal Reserve chief may be a policy hawk.

U.S. President Donald Trump has a pool of five candidates to choose from for the next chair of the Federal Reserve and is likely to announce his choice before going to Asia in early November, a source familiar with the situation said.

Current Fed Chair Janet Yellen, whose term expires in February, is one of the five candidates, the source said.

Spot gold was down 0.1 percent at $1,283.16 an ounce at 0800 GMT. It hit a one-week low of $1,281.31 on Tuesday.

U.S. gold futures for December delivery were off 0.1 percent at $1,285 per ounce.

The dollar edged higher as investors mulled the possibility of a likely hawkish Fed chair.

"All the rhetoric around that is that it`s more hawkish... Just few surprises hitting the market there and helping the dollar regain footing and keeping yields very steady, so really putting gold under pressure," a Hong Kong-based trader said.

Jerome Powell will likely be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll - but most of them said Yellen would be the best option.

The U.S. central bank is widely expected to raise interest rates for the third time this year in December.

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

"With dollar strength in mind, it would present further risks to gold, but I am personally waiting to see how the Catalonia crisis unfolds tomorrow, pinpointing a possible next move for gold, in either direction," said Jameel Ahmad, vice president of market research at FXTM.

Catalonia refused on Tuesday to bow to the Spanish government`s demand that it renounce a symbolic declaration of independence, setting it on a political collision course with Madrid later this week.

Jeffrey Halley, senior market analyst with OANDA, sees immediate support for gold at $1,281 and towards $1,260.

In other precious metals, silver was down 0.2 percent at $16.96 an ounce, after touching a one-week low in the previous session.

Platinum slipped 0.7 percent to $923.99 an ounce, while palladium gained 0.3 percent to $981.47.

(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

Twitter restarts Biden''s @POTUS account with zero followers

Budget in a Minute: Market Guru Anil Singhvi explains What is Subsidy

Income Tax dept raids 28 properties of Tamil Nadu evangelist Paul Dhinakaran over alleged tax evasion

Bharat Electronics, Britannia, ICICI Prudential Life, Indusind Bank, Tata Steel, others now in Morgan Stanley Focus List

Budget 2021 Expectations LIVE: What India wants from Nirmala Sitharaman - Check latest news, updates, demands here

Hyundai invests in startup for automated vehicle inspection system

HDFC Securities says next resistance on Nifty will be around 14800, support at 14550

Stock Market Opening Bell Today: Sensex scales 50K, NSE Nifty climbs 0.60 pct; Tata Motors, Apollo Tyres shares gain

Aurobindo Pharma, Biocon, Dr Reddy’s Lab and Divi’s Laboratories: Resilient demand points to another good year for Pharma Sector says HSBC

Google Lens passes 500mn installs on the Play Store

  • 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