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 rises on Fed caution, palladium hits 16-year peak

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Aug 17, 2017
03:09 pm
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Gold rose for a second consecutive day on Thursday after Federal Reserve officials hinted that U.S. interest rates could rise more slowly than expected, while palladium hit a new 16-year high, supported by strong industrial metals markets.

The minutes of the Fed`s July 25-26 policy meeting showed some policymakers wished to halt further rate increases until it is clear the trend of soft inflation is transitory.

Gold is sensitive to rising interest rates because they push up bond yields, raising the opportunity cost of holding non-yielding bullion, and tend to strengthen the dollar, in which gold is priced.

The dollar and bond yields fell after the minutes were released but have recouped some losses.

Spot gold was up 0.3 percent at $1,286.99 an ounce at 0910 GMT after rising 0.9 percent the previous day.

U.S. gold futures for December delivery were 0.8 percent higher at $1,292.70 an ounce.

Commerzbank analyst Carsten Fritsch said U.S. President Donald Trump`s decision to disband two high-profile business advisory councils also helped gold because it shook confidence in Trump`s ability to enact economic stimulus.

Demand for gold as a safe haven also resurfaced after South Korea warned North Korea against "crossing a red line" and the United States said it would go ahead with joint military drills despite pressure from China, Fritsch said.

"Gold is likely to breach USD 1,300/oz as the market prices in a less hawkish Fed, particularly in a risk-off environment," analysts at Standard Chartered said in a note.

But Fritsch said gold would struggle to rise above $1,295 after failing three times this year. "Speculative long positions are at quite high levels," he said. "If we fail again here this could provoke a correction."

Technical resistance was at the June high of $1,296.30 with Fibonacci support at $1,261.30, said analysts at ScotiaMocatta.

Palladium was up 0.7 percent at $920 after earlier touching 927.80, the highest since February 2001.

The metal, used in the auto industry for emissions-controlling catalytic converters, was being carried higher by a strong rally in industrial metals such as copper and aluminium this week, said Dominic Schnider at UBS Wealth Management in Hong Kong.

Silver was flat at $17.08 an ounce and platinum down 0.1 percent at $975.40 an ounce.

(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
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

SSC Phase 8 Result 2021: Results for selection post phase 8 declared on ssc.nic.in - See steps to check, cut off and all other details here

Happy Baisakhi 2021: On WhatsApp, send your best wishes, messages, quotes and more to family and friends

Gold Price today 13-04-2021: Expert reveals target of Rs 46,350; Rs 50,000-mark eyed

TCS Share price down over 4%, turns TOP LOSER ON NIFTY as Q4 numbers disappoint

CBSE Board exam 2021: After Maharashtra, UP boards, will CBSE CANCEL examinations? Here is latest news by official

The Kapil Sharma Show fees per episode: REVEALED! Kapil Sharma, Krushna Abhishek, Bharti Singh, Archana Puran Singh and others - This is what they earn

Stocks in Focus on April 13: TCS, Hindustan Copper, Bandhan Bank, Satin Creditcare to Magma Fincorp; here are the 5 Newsmakers of the Day

Repco Home Finance is likely to grow by 20-25% in FY22: Yashpal Gupta, MD & CEO

Yes Bank Share price can multiply 2x to 3x over this period, says expert

Realme C20 to go on sale from today; check price, camera, specifications and much more

  • 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