Gold flat as weak dollar counters rally in stocks
By Shreyansi Singh (Reuters) - Gold prices were little changed on Monday as a softer dollar countered pressure from gains on Wall Street driven by hopes for a swift economic recovery following strong U.S. jobs data
By Shreyansi Singh
(Reuters) - Gold prices were little changed on Monday as a softer dollar countered pressure from gains on Wall Street driven by hopes for a swift economic recovery following strong U.S. jobs data.
Spot gold held steady at $1,729.20 per ounce, as of 12:14 p.m. EDT (1614 GMT). U.S. gold futures were little changed at $1,730.30.
The S&P 500 and the Dow hit record highs on data that showed the U.S. economy created the most jobs in seven months in March. [.N]
"As long as we've got this upbeat investor and trader risk appetite scenario, the gold and silver markets are probably going to languish at best and maybe continue to trend sideways to lower," said Kitco Metals senior analyst Jim Wyckoff.
The dollar weakened, making bullion less expensive for holders of other currencies.
"Stimulus is inflationary and potentially bullish for gold in the longer term, and also silver, but on the shorter term traders are focusing on the positive economic aspects of the stimulus package," Wyckoff added.
U.S. President Joe Biden's announcement of a long-awaited $2 trillion-plus job plan last week has fueled concerns over inflation.
On investors' radar were minutes from the Federal Reserve's last policy meeting on Wednesday.
"So far, the Fed is quite committed to keep interest rates unchanged until the end of 2023, but if inflation increases ... then they will achieve their long term objective sooner than expected," said Jigar Trivedi, commodities analyst at Mumbai-based broker Anand Rathi Shares.
"If that happens, we are going to see an increase in interest rates and that will be negative for gold prices."
Silver fell 0.7% to $24.80 per ounce and palladium was little changed at $2,665.06.
Platinum fell 0.3% to $1,206.46 per ounce after hitting its highest level since March 18 earlier in the session at $1,218.
(Reporting by Shreyansi Singh and Sumita Layek in Bengaluru; Editing by Matthew Lewis and Barbara Lewis)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.