Asian stocks slipped on Monday as investors weighed an uneven global recovery from the pandemic against the latest upbeat US outlook from Federal Reserve Chair Jerome Powell. The dollar ticked up.
Markets in China and Hong Kong lagged, despite a rally in Alibaba Group Holding after the weekend announcement of a record antitrust fine removed a regulatory overhang. US equity futures retreated following a third straight week of gains for the S&P 500 Index, with investors bracing for earnings reports. European contracts were slightly in the red. The yield on 10-year Treasuries held Friday’s advance on stronger-than-expected producer-price inflation data and ahead of a heavy week of supply.
Gold rate today: Yellow metal trades near Rs 46,750; silver cheaper by Rs 250
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Gold futures on MCX were down 0.17 per cent or Rs 79 at Rs 46,759 per 10 grams. Silver futures dipped 0.36 per cent or Rs 246 to Rs 67,255 per kg.
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Spot gold was steady at $1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $1,758.45 an ounce on Thursday. However, US gold futures fell 0.1 per cent on Friday to $1,756.20 per ounce.
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NEW DELHI: Gold futures were trading with cuts on Friday but the damage was capped as a weakness in the dollar and Treasury yields offered support along with a surprise jump in US jobless claims.
The Fed s Powell pledged to get the U.S. back to a “great economy” and invoked a homeless encampment in downtown Washington to make the point that the recovery remains incomplete. Playing down the risk that inflation could get out of control as the pandemic recedes, Powell told a panel Thursday that his commute home takes him past a “substantial tent city,” and that he thought of the millions of Americans who are still trying to get back to work. “So we just need to keep reminding ourselves that even though some parts of the economy are just doing great, there’s a very large group of people who are not,” he said during the IMF panel. “I really want to finish the job and get back to a great economy.”