Commodity Tips: - Gold News

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Gold prices rose for a third straight session on Wednesday to hit a one-week high, buoyed by a weaker dollar, while investors awaited U.S. inflation data for clues on the pace of future U.S. interest rate increases.

 

FUNDAMENTALS

 

  • Spot gold was up 0.3 percent at $1,332 an ounce, as of 0115 GMT, after touching its highest level since Feb. 6 at $1,333.76.

     

  • U.S. gold futures rose 0.4 percent to $1,335 per ounce.

     

  • The dollar was down against a basket of currencies at 89.722, having shed 0.6 percent overnight.


  • A retreat in the dollar, in which bullion is priced, has helped gold pull back nearly 2 percent from last week's one-month low of $1,306.81 an ounce.

     

  • Asian shares were set for a tense session on Wednesday as investors await readings on U.S. inflation that could fan fears of faster rate hikes and unleash another burst of global volatility.

     

  • U.S. inflation data for January is due on Wednesday and the U.S. Federal Reserve next meets on March 20-21.

     

  • Russia produced 306.9 tonnes of gold in 2017, up from 288.5 tonnes in 2016, the finance ministry said on Tuesday.

 

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