Gold prices edged lower on Wednesday as Treasury yields rose, offsetting the dollar’s weakness.
Spot gold slipped 0.1 percent to $1,742.39 per ounce while U.S. gold futures were down 0.3 percent at $1,742.50.
U.S. yields moved higher after marking a fresh three-week low on data showing a tamer-than-expected increase in U.S. underlying inflation.
Overnight data showed that U.S. consumer prices rose 0.6 percent in March after rising by 0.4 percent in February. Economists had forecast an increase of 0.5 percent.
Philadelphia Fed Bank President Patrick Harker said on Tuesday that even though the economic situation is improving, recovery is still premature, and there’s no cause to withdraw support yet.
Harker added that there were no signs of inflation running out of control.
Investors will be watching Fed Chairman Jerome Powell’s speech at the Economic Club of Washington due later in the day for further direction.
Vaccine news also remained in focus after the United States of America, South Africa and European Union temporarily stopped the rollout of the Johnson & Johnson Covid jab.
The Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices is expected to hold an emergency meeting to discuss J&J’s vaccine later today.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.