Gold dips on rosy US economic outlook and hawkish Fed comments
Safe-haven interest fades after Italy relents on budget deficit
Bengaluru — Gold prices inched down on Thursday, after upbeat US economic data and hawkish comments from Federal Reserve policymakers raised the prospects of the central bank sticking to its tighter monetary policy. That boosted the dollar. About half of the Fed's policymakers, including chairman Jerome Powell, used public appearances on Wednesday to show an increasingly unified view that the US economy was not headed for any obvious potholes. Further supporting the dollar was data showing strength in the US jobs market, with services sector activity racing to a 21-year high in September. Spot gold inched down 0.1% to $1,196.25 an ounce at 4.47am GMT, after falling about 0.5% in the previous session. Prices held to a narrow range between $1,195.36 and $1,198.93 on Thursday. US gold futures were down 0.3% at $1,199.9 an ounce. “Gold remains heavy due to strong US economic data which supports the emerging hawkish Fed narrative, underpinning the dollar sentiment,” said Stephen Innes, A...
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