Article content Speculators reduced their net long positions in COMEX gold in the week ended June 29 and raised their net long positions in silver, data from the U.S. Commodity Futures Trading Commission showed. Gold in India last week was being sold at a premium for the first time in more than two months as demand gained traction after curbs to combat the second wave of the coronavirus were slightly relaxed. Silver fell 0.2% to $26.40 per ounce, palladium gained 0.3% to $2,793.19 and platinum shed 0.3% to $1,086.49. DATA/EVENTS (GMT) 0130 Australia Retail Sales MM Final May 0145 China Caixin Services PMI June 0800 EU Markit Serv, Comp Final PMIs June (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
Fed minutes due on Wednesday Spot gold may rise to $1,813/oz - technicals (Updates prices)
July 5 (Reuters) - Gold held firm below a two-week high on Monday, as concerns eased over an earlier-than-expected rate hike by the Federal Reserve after a mixed bag of U.S. jobs data, while focus shifted to minutes from the U.S. central bank’s June policy meeting.
Higher interest rates translate into a reduced opportunity cost of holding bullion, which pays no interest.
Spot gold was up 0.1% at $1,788.60 per ounce, as of 0649 GMT, after hitting its highest since June 18 at $1,794.86 on Friday. Most U.S. markets were closed on Monday for the Independence Day holiday.
By Reuters Staff
2 Min Read
July 5 (Reuters) - Gold prices edged lower on Monday after hitting a two-week high in the previous session, weighed down by a slight uptick in the dollar, while investors awaited more U.S. economic data for clues on the Federal Reserve’s monetary policy plans.
FUNDAMENTALS Spot gold was down 0.1% to $1,785.41 per ounce by 0037 GMT, after hitting its highest since June 18 at $1,794.86 on Friday. U.S. gold futures rose 0.1% to $1,785.20. The dollar ticked up 0.1% against its rivals, making gold expensive for holders of other currencies. U.S. companies hired the most workers in 10 months in June, raising wages and offering incentives to entice millions of unemployed Americans sitting at home.
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Federal Reserve Chair Jerome Powell, who is presiding over the central bank’s examination of digital currencies, met with the head of cryptocurrency exchange Coinbase Global Inc. on May 11 and crypto advocate Christopher Giancarlo a day later, the Fed chair’s monthly diary shows.
Powell’s in-person meeting with Coinbase Chief Executive Officer Brian Armstrong and former Speaker of the U.S. House of Representatives Paul Ryan lasted 30 minutes, his schedule in May shows. The meeting took place during a week of intense volatility for crypto currencies including Bitcoin, which fell steeply on that day.
Spokespeople for both the Fed and Coinbase declined to comment on what was discussed.