GCAC

Growth Capital Acquisition Corp.

7.99
USD
-14.18%
7.99
USD
-14.18%
7.92 10.00
52 weeks
52 weeks

Mkt Cap 137.83M

Shares Out 17.25M

Send me real-time posts from this site at my email

PRECIOUS-Gold ticks up as U.S. bond yields ease; firm dollar caps gains

* SPDR Gold Trust Holdings fall 0.3% on Wednesday * Gold hits 2-week low of $1,753.97/oz on Wednesday * Benchmark 10-year yields edge lower (Recasts, adds comments, details and updates prices) Aug 18 (Reuters) - Gold edged higher on Thursday as U.S. bond yields pulled back slightly and Federal Reserve minutes hinted a less aggressive rate-hike stance, although a firmer dollar kept the metal's gains in check. Spot gold was up 0.2% at $1,764.75 per ounce, as of 0317 GMT, after falling to a two-week low of $1,753.97 in the previous session. U.S. gold futures gained 0.1% to $1,778.50 per ounce. Benchmark U.S. 10-year Treasury yields edged lower to 2.8731% after hitting a near one-month high of 2.9190% in the previous session. Lower yields reduce the opportunity cost of holding non-interest bearing gold. [US/] Meanwhile, the dollar hovered near a three-week high hit earlier this week, making gold more expensive for buyers holding other currencies. [USD/] "Gold might continue to struggle in the near-term now that the U.S. dollar is perking up again," said Matt Simpson, a senior market analyst at City Index. "It's trading in a tight range today but near yesterday's post-FOMC lows, so downside risks remain in place in today's European and U.S. sessions." The minutes of Fed's July meeting showed that the central bank was contemplating paring back the pace of future rate hikes in line with a slowdown in inflation but saw "little evidence" yet that pressures were easing. Traders are now pricing in around a 63.5% chance of a 50-basis-point rate hike by the Fed in September and a 36.5% chance of a 75-bp increase. Gold prices have fallen more than $300, or nearly 15%, since scaling above the key $2,000 per ounce mark in early March due to the Fed's rapid rate hikes to tame inflationary pressures. Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.32% to 989.01 tonnes on Wednesday. [GOl/ETF] Spot silver fell 0.9% to $19.65 per ounce, platinum eased 0.4% to $920.03, and palladium was steady at $2,139.78. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu) ((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/ (UPDATE 1) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue