Gold retreats on strong dollar, fading hopes of big US rate cut
US CPI, PPI data due later this week
Dollar trading at its highest level in seven weeks
Traders see an 84% chance of a 25-bp Fed rate cut in Nov
China central bank pauses gold purchases for 5th month in Sept
Adds graphic and updates prices as of 1550 GMT
By Anushree Mukherjee
Oct 7 (Reuters) -Gold prices eased on Monday as the U.S. dollar held strong and recent employment data prompted investors to scale back expectations of a big rate cut from the Federal Reserve in November.
Spot gold XAU= fell 0.2% to $2,648.07 per ounce by 11:50 a.m. ET (1550 GMT), off a record peak of $2,685.42 hit on Sept. 26.
U.S. gold futures GCcv1 flat at $2,667.90.
The U.S. dollar .DXY hovered at its highest level in seven weeks, making greenback-priced bullion more expensive for other currency holders. USD/
"The dollar strength is the short-term headwind at this point that's preventing new all time highs for gold," said Peter A. Grant, vice president and senior metals strategist at Zaner Metals.
"I still see short term potential to $2,700 and the longer-term objective at $3,000 remains valid due to safe haven demand from geopolitical tensions and political uncertainty as we get closer to the U.S. election."
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low interest rate environment.
Traders now see an 84% probability that the Fed will cut rates by only a quarter of a percentage point next month after a U.S. employment report last week reinforced the belief the economy is unlikely to need the Fed to deliver large interest rate cuts for the rest of this year. FEDWATCH
The market will now scan through minutes of the Fed's last policy meeting, and the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data this week.
Elsewhere, China's central bank held back on buying gold for its reserves for a fifth straight month in September.
With gold prices near record highs, China may hold back on further accumulation in the short-term but the broader trend to load up on the metal could continue, IG market strategist Yeap Jun Rong said.
Spot silver XAG= fell 1.4% to $31.72 and platinum XPT= lost 1.1% to $976.85, while palladium XPD= rose 0.9% to $1,020.75.
Spot gold price in USD per oz https://reut.rs/3Bys9JX
Reporting by Anushree Mukherjee and Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
