"Gold price gains on weaker dollar"

" \r\n \r\n \r\n \r\n \r\n \r\n\r\n Gold price gains on weaker dollar \r\n\r\nGold prices gained nearly 1% late on Thursday as a weaker dollar and lower bond yields drove demand for the precious metal, while investors kept their eyes peeled for US inflation data to gauge the Federal Reserve\u2019s next move.\r\n\r\nSpot gold was up 0.8% at $1,980.46 per ounce by 3:25 p.m. EDT, near a one-week high. US gold futures settled at $1,997.40 per ounce, having hit $2,000 an ounce earlier.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nThe dollar index dipped 0.5%, making gold more attractive for overseas buyers, while benchmark 10-year Treasury yields eased.\r\n\r\n\u201cMuch of this rally continues to be a short covering rally,\u201d Bart Melek, head of commodity strategies at TD Securities,\u00a0 told\u00a0 Reuters . \u201cThe catalyst here is the continued expectations that rates in the US will top out.\u201d\r\n \r\n <img class=\"wp-image-1114011\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2023\/03\/ASgold-dollar.png\" sizes=\"(max-width: 925px) 100vw, 925px\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2023\/03\/ASgold-dollar.png 925w, https:\/\/www.mining.com\/wp-content\/uploads\/2023\/03\/ASgold-dollar-300x155.png 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2023\/03\/ASgold-dollar-768x398.png 768w\" alt=\"\" width=\"925\" height=\"479\" \/> \r\n \r\nData showed US gross domestic product rose 2.6% in the fourth quarter. The Fed\u2019s favored inflation gauge, core personal consumption expenditures (PCE), is due on Friday.\r\n\r\nInvestors will be scanning the data for clues about the path of the US central bank\u2019s monetary policy. According to the CME FedWatch tool, markets are pricing in a roughly 50-50 chance of the Fed maintaining rates at current levels at its May meeting.\r\n\r\n\u201cAnything below expectations on the core (PCE) would imply that there is less need or requirement for tight monetary policy from the Federal Reserve,\u201d Melek said.\r\n\r\nEarlier, Federal Reserve Bank of Boston leader Susan Collins said it seemed likely there would be only one more rate hike this year, while Richmond Fed President Thomas Barkin said inflation remains too high and may take longer than expected to decline.\r\n\r\n\u201cWe expect the gold price to fall to around $1,900 per troy ounce \u2013 previously $1,800 per troy ounce \u2013 in the coming months,\u201d Commerzbank wrote in a note.\r\n\r\n \r\n \r\n \r\n "

"Gold price gains on weaker dollar"

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