Gold Slips As Dollar Holds Gains Amid Economic Uncertainty

RTTNews | 873 days ago
Gold Slips As Dollar Holds Gains Amid Economic Uncertainty

(RTTNews) - Gold prices inched lower on Friday as the dollar held gains amid uncertainty over how big will future U.S. rate hikes be.

Spot gold dipped 0.3 percent to $1,753.91 per ounce, while U.S. gold futures were down 0.2 percent at $1,767.20.

The dollar held near a one-month high after three Fed policymakers took a hawkish tone on interest-rate hikes.

St Louis Fed president James Bullard said he expects a third straight 75-basis-point interest rate hike in September, while San Francisco Fed colleague Mary Daly said that raising rates by 50 or 75 basis points next month would be "reasonable".

Kansas City Fed president Esther George noted that the drop in inflation registered in July was not evidence the underlying problem was fixed.

Inflation worries were back in focus after data showed Germany's producer price inflation accelerated unexpectedly to a new record high in July, primarily driven by higher energy costs.

Producer prices grew 37.2 percent year-over-year in July, well above the 32.7 percent surge in June, Destatits reported.

The upward trend in July was largely caused by a 105.0 percent jump in energy prices amid soaring natural gas and electricity costs.

read more
TSX Modestly Higher, Looks Set To End On Firm Note

TSX Modestly Higher, Looks Set To End On Firm Note

The Canadian market is modestly higher Wednesday afternoon thanks to technology and materials stocks. Healthcare, communications, consumer discretionary and utilities stocks are among the notable losers.
RTTNews | 7h 17min ago
Fed Officials Prefer Careful Approach To Rate Decisions Amid Inflation Risks

Fed Officials Prefer Careful Approach To Rate Decisions Amid Inflation Risks

Many Federal Reserve officials believe a careful approach to interest rate decisions will be necessary over the coming quarters, according to the minutes of the central bank's December monetary policy meeting. The minutes said the careful approach will be needed due to a variety of factors, including increased upside risks to the outlook for inflation.
RTTNews | 7h 37min ago
Swiss Market Ends Modestly Higher

Swiss Market Ends Modestly Higher

After a good spell till an hour past noon, Swiss stocks retreated, but emerged higher in the final hour thanks to selective buying to end the day's session on a positive note.
RTTNews | 8h 18min ago
European Stocks Close Lower On Weak Economic Data

European Stocks Close Lower On Weak Economic Data

European stocks closed weak on Wednesday, weighed down by data showing a drop in eurozone economic sentiment in the month of December, and decline in German retail sales and factory orders.
RTTNews | 8h 37min ago
Euro Falls On Tariff Concerns

Euro Falls On Tariff Concerns

The euro dropped against its most major counterparts in the New York session on Wednesday on concerns that implementation of new tariffs by the incoming Donald Trump administration could lift inflation.
RTTNews | 9h 2min ago
U.S. Wholesale Inventories Dip 0.2% In November, In Line With Estimates

U.S. Wholesale Inventories Dip 0.2% In November, In Line With Estimates

Wholesale inventories in the U.S. dipped in line with estimates in the month of November, the Commerce Department revealed in a report released on Wednesday. The Commerce Department said wholesale inventories slipped by 0.2 percent in November, matching the preliminary estimate as well as economists' expectations.
RTTNews | 11h 54min ago
U.S. Jobless Claims Unexpectedly Slip To Nearly Eleven-Month Low

U.S. Jobless Claims Unexpectedly Slip To Nearly Eleven-Month Low

With the more closely watched monthly jobs report looming, the Labor Department released a report on Wednesday unexpectedly showing another modest decrease by first-time claims for U.S. unemployment benefits in the week ended January 4th. The report said initial jobless claims slipped to 201,000, a decrease of 10,000 from the previous week's unrevised level of 211,000.
RTTNews | 12h 33min ago
U.S. Private Sector Job Growth Slows More Than Expected In December

U.S. Private Sector Job Growth Slows More Than Expected In December

Private sector employment in the U.S. increased by less than expected in the month of December, according to a report released by payroll processor ADP on Wednesday. The report said private sector employment rose by 122,000 jobs in December after climbing by 146,000 jobs in November. Economists had expected private sector employment to grow by 140,000 jobs.
RTTNews | 13h 11min ago