Nov 9 (Reuters) - Gold prices were steady on Tuesday, consolidating near a two-month high scaled in the previous session, as a weak dollar offset firm U.S. bond yields. FUNDAMENTALS * Spot gold was little changed at $1,823.53 per ounce by 0051 GMT. U.S. gold futures fell 0.1% to $1,825.80. * The precious metal hit its highest since Sept. 7 on Monday as the dollar softened and major central banks signalled inflation would likely fade and immediate interest rate hikes were not required. * On Tuesday, the dollar steadied close to the previous session’s lows, helping to reduce bullion’s cost for buyers holding other currencies. * The benchmark U.S. 10-year yield was little changed at 1.4862% after rising 4 basis points in the previous session, dimming gold’s appeal by raising the non-yielding metal’s opportunity cost. * U.S. Federal Reserve officials are focused on a debate over how many more jobs the economy can add, and how much longer high inflation can be tolerated. * Chicago Federal Reserve Bank President Charles Evans on Monday said that while he is a bit more nervous about inflation staying high than he had previously been, he still believes the Fed will not need to raise interest rates until 2023. * Gold has benefited from near-zero interest rates introduced during the COVID-19 pandemic as they reduce bullion’s opportunity cost. * The United Arab Emirates will require all gold refineries to undergo annual audits to ensure their suppliers are responsible, it told Reuters, in an effort to combat illicit trading. * Russia produced 256.54 tonnes of gold between January and September, up from 253.77 tonnes it produced in the same period in 2020, the finance ministry said. * Spot silver fell 0.1% to $24.42 per ounce. Platinum dropped 0.4% to $1,052.28 and palladium climbed 0.2% to $2,074.06. (Reporting by Nakul Iyer in Bengaluru; Editing by Ramakrishnan M.)
مشاركة :