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Gold Price: Gold inches higher, but faces worst month in seven

by WOOWinvest
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Gold Price: Gold inches higher, but faces worst month in seven


April 29: Gold prices edged higher on Friday as lower U.S. Treasury yields outweighed pressure from a higher U.S. dollar, but remained on track for their biggest monthly loss since September on fears of a sharp Fed rate hike.

Fundamentals* Spot gold was up 0.1% at $1,897.01 an ounce as of 0054 GMT. U.S. gold futures rose 0.4 percent to $1,898.10.

* The yield on the benchmark 10-year U.S. Treasury note fell, increasing the appeal of holding non-yielding gold.

* Gold was set for a second straight weekly loss, posting its biggest monthly percentage drop since September 2021, or about 2.1%.

* The dollar held steady near a 20-year high hit in the previous session. A stronger dollar makes dollar-denominated gold less attractive to holders of other currencies.

* A strong dollar pushed gold to its lowest in more than two months on Thursday, ahead of a reversal in gold prices.

* Federal Reserve officials have agreed on a plan to accelerate the pace of interest rate hikes this year, but remain divided on a make-or-break decision on when to stop to avoid dragging the economy into a recession.

* Higher U.S. short-term interest rates tend to increase the opportunity cost of holding non-yielding bullion.

* Spot silver rose 0.2% to $23.17 an ounce, platinum fell 0.1% to $918.67 and palladium gained 0.6% to $2,245.34. All are set to drop monthly.

Data/Event (GMT) 0530 French GDP Preliminary QQ Q1

0600 UK National House Prices MM, YY April

0645 French CPI (EU Norm) Prelim YY April

0800 Germany GDP Flash QQ SA Q1

0800 Germany GDP Flash YY NSA Q1

0900 EU HICP Flash YY April

0900 EU HICP-X F&E Flash YY April

0900 EU GDP Flash Prelim QQ, YY April

1230 US Consumption Adjusted MM March

1400 US U Mich Sentiment Final April

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