A robust inflation reading is expected to burnish gold's appeal as an inflation hedge, but interest rate hikes would raise the opportunity cost of holding non-yielding bullion
If the jobs report out of the United States encourages the Fed's hawkish mood, it should lead to a significant breakdown in gold, DailyFX currency strategist Ilya Spivak said
The Aussie was huddled at $0.7036, having shed 2.5% last week to the lowest since July 2020 at $0.6967
Dollar steadily rose in a week highlighted by a more hawkish tone coming out of a Federal Reserve meeting
The dollar was in the limelight even as broader currency markets quietened somewhat after an eventful week in global markets punctuated by a hawkish Federal Reserve meeting
The Aussie was stuck at $0.7094, having shed 0.5% overnight to test the recent two-month trough of $0.7090
Tensions in Ukraine have been increasing for months after the Kremlin massed troops near its borders, which the West says is preparation for a war to prevent Ukraine from joining NATO
Federal Reserve Chair Jerome Powell on Tuesday gave no clear indication that the Fed was in a rush to speed up plans for tightening monetary policy
Turkey's lira steadied and held to its recent gains amid a rollercoaster ride for the currency this week
The blue-chip Dow posted its best one-day percentage gain since March with Boeing Co providing the biggest lift
The dollar index against major currencies was up 01% in the afternoon in New York after having fallen 0.3% in the morning
All three major US stock indices opened the trading day lower
Spot gold dropped 0.6% to $1,851.31 per ounce by 0928 GMT, after hitting a five-month peak on Wednesday
The dollar rose on Thursday, hitting a 16-month high a day after the strongest US inflation reading in more than three decades
Gold prices edged lower, weighed down by an uptick in the dollar
The dollar index , which measures the currency against six rivals, declined 0.19% to 93.311 from Friday, when it climbed as high as 93.734 for the first time since Nov. 4
Spot gold was down 0.2% at $1,861.96 per ounce, as of 0224 GMT, after falling to its lowest since May 17 at $1,843.99 on Monday
Global equity markets rebounded as robust US, China and eurozone factory data offset lockdowns in Europe to combat record Covid-19 cases, while the dollar and gold rose on US election jitters
Experts say EM market equities, currencies may remain weak unless there is positive news
The rupee depreciated by 9 paise to close at 71.27 against the US dollar on Tuesday amid heavy selling in domestic equities and steady rise in crude oil prices. Forex traders said the rupee traded in a narrow range but was weighed down in the latter half of the session after reports emerged that the government might not be able to meet its disinvestment target. At the interbank foreign exchange market, the domestic currency opened weak at 71.22 and later fluctuated between a high of 71.15 and a low of 71.29. The domestic unit finally settled at 71.27, showing a fall of 9 paise over its previous close of 71.18. "Rupee continued to consolidate in a narrow range but was weighed down in the latter half of the session after reports that the government might not be able to meet its disinvestment target. Some sources suggest that the government will not be able to finish the disinvestment process for BPCL as well as for Air India in the current fiscal year," Gaurang Somaiyaa, Forex & ...