18.9 C
New York
Tuesday, May 18, 2021

Gold eases on firmer dollar, equities

Must read

Tata Motors Q4 takeaways: Outlook challenging, but recovery still on track

“The business has demonstrated strong resilience in the face of adversity and its fundamentals are strong,” the company said in its earnings statement in...

JPMorgan appoints top job contenders as co-heads of consumer business

Stock Markets6 minutes ago (May 18, 2021 10:36AM ET) 2/2 (C) Reuters. FILE PHOTO: A JPMorgan Chase & Co building is shown in Irvine, California, U.S.,...

CVS taps former Aetna executive as chief financial officer

Stock Markets7 minutes ago (May 18, 2021 10:35AM ET) (C) Reuters. FILE PHOTO: The CVS logo is seen at one of their stores in Manhattan,...

U.S. lawmakers urge Facebook to drop Instagram for kids plan

Stock Markets10 minutes ago (May 18, 2021 10:32AM ET) (C) Reuters. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of...

Gold prices edged lower on Tuesday, weighed down by a stronger U.S. dollar and as hopes for coronavirus treatments lifted risk sentiment.

FUNDAMENTALS

Spot gold was down 0.2% to $1,929.25 per ounce by 0036 GMT.

U.S. gold futures eased 0.2% to $1,934.10.

The dollar index held firm near a more than one-week high hit last week, making gold more expensive for holders of other currencies.

Asia’s stock markets opened higher following a Wall Street rally driven by coronavirus vaccine hopes.

The U.S. Food and Drug Administration authorised the use of blood plasma from recovered COVID-19 patients as a treatment option.

However, the World Health Organization was cautious about endorsing the use of recovered COVID-19 patients’ plasma to treat those who are ill, saying evidence that it works remains “low quality.”

Investors now await U.S. Federal Reserve Chairman Jerome Powell‘s speech at Jackson Hole on Thursday for clarity on the direction of U.S. monetary policy.

The Fed has rolled out a wave of fiscal and monetary stimulus measures and cut interest rates to near zero to mitigate the economic damage caused by the pandemic, helping gold rise 28% so far this year.

More than 23.57 million people have been reported to be infected by the novel coronavirus globally and 809,569 have died, according to a Reuters tally.

Meanwhile, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with Chinese Vice Premier Liu He on Monday, the U.S. Trade Representative’s Office said.

Silver gained 0.3% to $26.62 per ounce, platinum rose 0.8% to $923.10, and palladium climbed 1% to $2,182.59.

- Advertisement -

Latest article

Tata Motors Q4 takeaways: Outlook challenging, but recovery still on track

“The business has demonstrated strong resilience in the face of adversity and its fundamentals are strong,” the company said in its earnings statement in...

JPMorgan appoints top job contenders as co-heads of consumer business

Stock Markets6 minutes ago (May 18, 2021 10:36AM ET) 2/2 (C) Reuters. FILE PHOTO: A JPMorgan Chase & Co building is shown in Irvine, California, U.S.,...

CVS taps former Aetna executive as chief financial officer

Stock Markets7 minutes ago (May 18, 2021 10:35AM ET) (C) Reuters. FILE PHOTO: The CVS logo is seen at one of their stores in Manhattan,...

U.S. lawmakers urge Facebook to drop Instagram for kids plan

Stock Markets10 minutes ago (May 18, 2021 10:32AM ET) (C) Reuters. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of...

Macy’s boosts forecasts as vaccines encourage in-store shopping

Economy10 minutes ago (May 18, 2021 10:32AM ET) (C) Reuters. FILE PHOTO: Shoppers are seen outside Macy's in the Manhattan borough of New York City,...