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breaking news Gold prices remain stable after hitting the 2-week low as the dollar retreats


Gold prices stabilized on Monday after hitting their lowest level in nearly two weeks as a retreating dollar lent some support to the metal.

FOUNDATIONS

* Spot gold was little changed at $ 1,845.48 an ounce at 0055 GMT. US gold futures fell 0.3% to $ 1,846.80.

* The dollar index fell 0.1%, retreating from Friday’s high. A weaker dollar reduces the cost of the bullion for buyers who have other currencies.

* Policymakers at the Federal Reserve are publicly debating whether to reduce asset purchases more quickly, and one of the central bank’s most influential officials said Friday that the idea will be on the table at the next meeting of the Fed.

* Bundesbank President Jens Weidmann publicly contradicted the official line of the European Central Bank on Friday, warning that inflation could remain above 2% for some time and that the ECB should avoid any commitment to keep the money taps open. .

* An increase in interest rates should reduce the attractiveness of bullion, as higher rates raise the opportunity cost of the non-interest bearing metal.

* The White House said there will be more to report on the election of President Joe Biden for the next Fed chairman earlier this week.

* Indicative of sentiment, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.8% to 985 tonnes on Friday from 976.87 tonnes on Thursday.

* Speculators raised their net long positions in COMEX gold futures and options to 164,043 for the week through Nov. 16, while net long positions in COMEX silver also rose, the Commodity Futures Trading Commission said on Friday. of the USA (CFTC).

* Physical demand for gold in major Asian hubs eased last week, although Indian traders looked to the upcoming wedding season for renewed interest in bullion.

* Spot silver fell 0.1% to $ 24.57 an ounce. Platinum was down 0.6% at $ 1,025.33 and palladium was down 0.7% at $ 2,047.13.

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