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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
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June 19, 2025 DOWNLOAD
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Markets 2 MIN READ

Gold retreats as robust US data lifts dollar; focus on Fed

May 1, 2023By Reuters
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May 1 (Reuters) – Gold prices edged lower on Monday as the dollar rose after better-than-expected US manufacturing data, while markets await the Federal Reserve’s interest rate hike decision this week.

Spot gold was down 0.4% at USD 1,982.20 per ounce by 1:55 p.m. ET (1755 GMT), reversing nearly 1% gains made earlier in the session.

US gold futures settled down 0.3% at USD 1,992.20.

US manufacturing pulled off a three-year low in April as new orders improved slightly and employment rebounded, while construction spending increased more than expected in March, boosted by investments in nonresidential structures.

The stronger-than-expected data knocked down the metals market and boosted the dollar a little bit, said Jim Wyckoff, senior analyst at Kitco Metals.

The dollar index gained 0.5%, making greenback-priced bullion less attractive for overseas buyers.

In early US trading hours, gold prices rebounded to touch USD 2,005 as traders took stock of news that JPMorgan Chase & Co (JPM) would buy most of First Republic Bank’s (FRC) assets after regulators seized the troubled lender over the weekend.

“The move was definitely premature … we used some of that opportunity to try and capitalize on taking some positions off on that move upwards,” said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.

The Federal Open Market Committee (FOMC) will meet on May 2-3, and markets largely expect a 25-basis point interest rate hike.

Investors will also focus on Fed Chair Jerome Powell’s press conference to assess if the central bank commentary pushes back market expectations of rate cuts before the year-end amid the recent banking turmoil and threats of an imminent recession.

While gold is known as an inflation hedge, rising rates tend to lower demand for zero-yielding bullion.

Spot silver fell 0.2% to about USD 25 per ounce, platinum lost 2.2% to USD 1,050.83, while palladium shed 3.2% to USD 1,452.57.

(Reporting by Deep Vakil in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)

 

This article originally appeared on reuters.com

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