Gold prices were flat on Thursday, as an
elevated dollar weighed on greenback-priced bullion and
countered support from lower Treasury yields, with the metal’s
outlook already dulled by an aggressive Federal Reserve stance
* Spot gold held its ground at $1,816.63 per ounce at
0047 GMT. U.S. gold futures edged 0.1% lower to
* The U.S. dollar rose on Wednesday, snapping a
three-session losing streak, as concerns about the outlook for
global economic growth and rapid inflation knocked sentiment a
day after Fed Chair Jerome Powell struck a more hawkish tone.
* A stronger dollar makes gold less attractive for buyers
holding other currencies.
* U.S. Treasury yields fell on Wednesday, tracking losses on
Wall Street, after poor U.S. housing data added to growing
slowdown concerns amid aggressive monetary tightening by the
Fed, buoying demand for zero-yield gold.
* Two U.S. central bankers say they expect the Fed to
downshift to a more measured pace of policy tightening after
July as it seeks to quell inflation without lifting borrowing
costs so high that they send the economy into recession.
* Although seen as an inflation hedge, bullion is sensitive
to rising U.S. short-term interest rates and bond yields, which
raise the opportunity cost of holding it.
* British inflation surged last month to its highest annual
rate since 1982, pressuring finance minister Rishi Sunak to
offer more help for households and the Bank of England to keep
raising interest rates despite a risk of recession.
* Spot silver fell 0.2% to $21.35 per ounce, platinum
dropped 0.8% to $927.77, and palladium slipped 1%
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1230 US Initial Jobless Clm Weekly
1230 US Philly Fed Business Indx May
1400 US Existing Home Sales April
(Reporting by Bharat Govind Gautam in Bengaluru; Editing by