The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-market-aa-5
Inflation Report
Inflation Updates (December 5, 2023) 
DOWNLOAD
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investment Path Advisory
  • On Government Debt Thresholds: How Much is Too Much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-market-aa-5
Inflation Report
Inflation Updates (December 5, 2023) 
December 5, 2023 DOWNLOAD
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
November 22, 2023 DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
November 10, 2023 DOWNLOAD
View all Reports
Markets 2 MIN READ

Gold bounces from 2-1/2-year trough as dollar rally cools

September 27, 2022By Reuters
Related Articles
Oil ticks up as markets weigh US debt deal, rate hike possibility May 29, 2023 Philippines' 3.5-year T-bond fetches 5.25% coupon rate August 2, 2022 Philippines president denies approving plan to import 300,000 tons of sugar August 10, 2022

Sept 27 (Reuters) – Gold prices rebounded from a 2-1/2-year low on Tuesday as a slight pause in the dollar rally helped restore greenback-priced bullion’s allure, although risks from looming rate hikes persisted.

Spot gold was 0.5% higher at USD 1,629.69 per ounce by 1:46 p.m. EDT (1746 GMT), after climbing over 1% to USD 1,642.29 earlier in the session.

US gold futures settled up 0.2% at USD 1,636.20.

“Today is just a little bit of a recovery after some of the extreme weakness seen over recent days … but I don’t think there’s really any fundamental change taking place in the gold market,” said Ryan McKay, commodity strategist at TD Securities.

The dollar had retreated from two-decade highs, prompting investors to turn to gold, which had fallen to its lowest since April 2020 at USD 1,620.20 in the previous session. A weaker dollar makes gold attractive for overseas buyers.

Gold prices also benefited from “corrective price rebounds from recent selling pressure and on short covering from the shorter-term futures traders,” Jim Wyckoff, senior analyst at Kitco Metals, said in a note.

However, gold faces pressure from aggressive interest rate hikes that tend to raise the opportunity cost of holding non-yielding bullion.

The US central bank will need to raise rates by at least another percentage point this year, Chicago Fed President Charles Evans said on Tuesday.

“We’re still essentially in a pretty weak environment for gold with an aggressive Fed and some Fed speakers throughout the week likely to hammer home the point that rates are going to be higher for longer,” McKay added.

“We could see prices fall below the USD 1,600 level.”

Meanwhile, spot silver gained 0.3% to USD 18.39 per ounce.

“With the global electronics sector struggling and the more general global economic backdrop deteriorating, we think the silver price will remain under pressure over the rest of this year,” Capital Economics wrote in a note.

Platinum shed 0.6% to USD 846.53, while palladium advanced 1% to USD 2,066.67.

(Reporting by Kavya Guduru in Bengaluru; Editing by Vinay Dwivedi and Maju Samuel)

 

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2021 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up