Gold Edges Lower For Second Day As Investors Assess Fed Rate Path
(RTTNews) - Gold prices traded lower for a second consecutive session on Thursday as investors weighed persistent U.S. inflationary pressures against signs of diplomatic progress in the Middle East over the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported.
Spot gold dipped 0.3 percent to $4,579.85 an ounce while U.S. gold futures were down half a percent at $4,632.44 an ounce.
The U.S. dollar held steady near a one-week high as firmer-than-expected U.S. inflation data kept expectations for a Fed rate hike by year-end live.
The focus has now shifted to Kevin Warsh's first Jackson Hole speech as Fed Chair on Friday that could provide further clues on the path for U.S interest rates.
In geopolitical news, media reports suggest that the U.S. and Iran have reached an interim ceasefire agreement that includes guarantees for unhindered commercial navigation through the Strait of Hormuz.
Official statements from Iran and Oman confirmed they had agreed on a temporary maritime route for ships travelling through the Strait of Hormuz, but Tehran said an agreement hasn't been finalized and that the talks were continuing on the details of an accord.
Qatar's Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani will visit the Iranian capital today in an effort to relaunch peace talks between the U.S. and Iran.
European Shares Set For Lackluster Open; US CPI Data Eyed
Indian Shares Tumble Amid Geopolitical Concerns
Australian Market Extends Early Strong Losses In Mid-market
Asian Markets Sink Amid Inflationary Risks
Indian Shares Set For Weak Opening As Oil Extends Surge On Mideast Tensions
Losing Streak May Continue For Thai Stock Market
Japanese Market Sharply Lower
