Gold slips on stronger equities amid speculation about next Fed chief
Bengaluru — Gold prices edged lower on Wednesday, pressured by stronger equities and a firmer dollar amid speculation over who will be the next US Federal Reserve chief. Spot gold was down 0.2% at $1,273.86/oz by 3.23am GMT and US gold futures for December delivery were 0.2% lower at $1,275.30/oz. "Gold fell overnight, and continues to point south this morning as market appetite improves on better Wall Street prints amid stronger than expected corporate earnings results," said OCBC analyst Barnabas Gan. Asian shares inched higher on Wednesday, while US treasury yields and the dollar got a lift following a report that Republican senators were leaning towards John Taylor to be the next Federal Reserve chief. "Moreover, the strengthening dollar on news of rising probability for John Taylor to be the next Fed chair is a key driver for softening gold prices into the week ahead," Gan said. US President Donald Trump used a lunch with Senate Republicans on Tuesday to get their views on who ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.