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FOREX-Dollar stands stall as global stock rally fizzles
Published at 28/01/2021 at 05:31 -
FOREX-Dollar rises as stock slump rattles investor confidence
Published at 28/01/2021 at 02:27 -
FOREX-Dollar gains on risk aversion as stock rout spreads
Published at 28/01/2021 at 00:41 -
FOREX-Dollar rises on risk aversion, Fed cautious on economic recovery
Published at 27/01/2021 at 21:04 -
Bitcoin slips below $30,000
Published at 27/01/2021 at 15:54 -
FOREX-Dollar rises as investors back away from riskier currencies
Published at 27/01/2021 at 15:44 -
FOREX-ECB comments suppress euro, dollar perks up ahead of Fed
Published at 27/01/2021 at 12:03 -
FOREX-Dollar edges before Fed meeting, euro slips
Published at 27/01/2021 at 09:17 -
FOREX-Dollar on back foot with Fed's Powell likely to sound dovish note
Published at 27/01/2021 at 04:37 -
FOREX-Dollar on the defensive with Fed's Powell likely to sound dovish note
Published at 27/01/2021 at 00:36
Market News
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Oil falls on demand fears, strengthening dollar
Published at 28/01/2021 at 05:31 -
PRECIOUS-Gold falls as safe-haven appeal shifts to dollar
Published at 28/01/2021 at 03:57 -
Oil slips on tightening COVID-19 curbs, especially in China
Published at 28/01/2021 at 02:32 -
PRECIOUS-Gold slips as investors prefer safety of dollar
Published at 28/01/2021 at 01:03 -
Oil prices end mixed, despite big U.S. crude stock drawdown
Published at 27/01/2021 at 21:07 -
PRECIOUS-Gold hits more than 1-week low on doubts over stimulus bill, firm dollar
Published at 27/01/2021 at 18:52 -
PRECIOUS-Gold slips as dollar rebounds ahead of U.S. Fed verdict
Published at 27/01/2021 at 12:52 -
PRECIOUS-Gold range-bound as focus shifts to Fed policy decision
Published at 27/01/2021 at 07:56 -
Oil rises as U.S. oil stockpiles drop, new Chinese COVID-19 cases decline
Published at 27/01/2021 at 02:32 -
PRECIOUS-Gold steady ahead of U.S. Fed policy decision
Published at 27/01/2021 at 00:52
PRECIOUS-Gold gains on dovish comments from Fed's Powell
Published at
14/01/2021 at 19:27
* Fed's Powell: interest rate hike coming 'no time soon'
* Biden plan would pump $1.5 trillion into U.S. economy
* Interactive graphic tracking global spread of coronavirus:
(Recasts, adds analyst comments, updates prices)
By Shreyansi Singh
Jan 14 (Reuters) - Gold prices rose on Thursday after comments by U.S. Federal Reserve Chair Jerome Powell cemented hopes around a lower interest rate environment, while prospects of more U.S. stimulus further lifted bullion's appeal as an inflation hedge.
Spot gold rose as much as 0.8% following Powell's comments and was up 0.3% at $1,848.22 per ounce at 02:09 p.m. EST (1909 GMT).
U.S. gold futures settled 0.2% lower at $1,851.40 per ounce.
Powell said an interest rate hike is coming "no time soon" and pushed back against suggestions that the central bank might start tapering its bond purchases any time soon.
"Powell pretty much confirmed the bank's dovish stance. ... You're going to see that the Fed is going to remain ultra-accommodative and that's why gold prices are rising," said Edward Moya, senior market analyst at OANDA.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar.
In the wake of Powell comments, the dollar index edged lower, making gold cheaper for holders of other currencies.
Meanwhile, the number of Americans filing first-time applications for unemployment benefits surged last week.
"This significant jump is reminding everyone that the labor market situation is still dire, and it's going to warrant more stimulus," Moya said, adding that concerns over the coronavirus pandemic remained supportive for gold.
U.S. President-elect Joe Biden is scheduled to unveil a stimulus package proposal on Thursday that could exceed $1.5 trillion.
While gold is considered a hedge against the inflation and currency debasement that can result from widespread stimulus, a recent jump in bond yields has challenged that status as it increases the opportunity cost of holding non-yielding bullion.
Treasury yields shot higher since the past week on expectations for the fresh stimulus and held close to 10-month highs.
In other metals trading, silver gained 1.7% to $25.57 an ounce, platinum climbed 1.5% to $1,109.98 per ounce and palladium was up 0.3% at $2,391.08 per ounce.
(Reporting by Shreyansi Singh in Bengaluru Editing by Paul Simao and Will Dunham)
((Shreyansi.Singh@thomsonreuters.com; +91 8061823666/3590 (If within U.S. call +1 646 223 8780); Reuters Messaging: Shreyansi.Singh@thomsonreuters.com))