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Gold edges higher as dollar dips

goldGold rose slightly on Thursday after hitting a four-week low in the previous session, with the dollar losing strength ahead of a speech by Federal Reserve Chair Janet Yellen that will be closely watched for clues on U.S. interest rate policy.


FUNDAMENTALS

* Spot gold was up 0.2 percent at $1,326.22 an ounce at 0102 GMT. The metal touched a 4-week low of $1,323.20 Wednesday on a firm dollar.

* U.S. gold was nearly flat at $1,328.70 an ounce.

* Yellen is scheduled to address a meeting of central bankers in Jackson Hole, Wyoming, at 1400 GMT on Friday. Recent hawkish comments from Fed policymakers have raised investors’ expectations that she might adopt a less cautious tone on rates.

* The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.1 percent at 94.695.

* The dollar has swayed in both directions over the past week as expectations for a near-term Fed rate hike have ebbed and flowed.

* Rising U.S. interest rates increase the opportunity cost of holding non-yielding bullion and boost the dollar, in which gold is priced.

* U.S. home resales fell more than expected in July after four straight months of strong gains, as a lack of inventory limited choice for buyers, but further price rises suggested the housing market remained on solid ground.

* China’s silver imports fell 36 percent year-on-year in July, official customs data showed on Wednesday, while its platinum imports were 47 percent lower.

* Polymetal expects gold prices to stay stable in the second half of this year if macroeconomic fundamentals are steady, a senior company official said, adding Russia’s gold and silver miner also planned to return to the elite FTSE 100 index.

* Mexican regulators said they are examining whether mining company Goldcorp Inc broke any regulations in its handling of a long-running leak of contaminated water at Mexico’s biggest gold mine.


Source: Reuters


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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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