Gold gains on dollar pullback, China demand
Reuters · 28 Nov 2022 712 Views
  • Dollar index down 0.6% against its rivals
  • Powell's speech on Wednesday awaited
  • China's net gold imports via Hong Kong fell in October

Nov 28 (Reuters) - Gold ticked higher on Monday as a retreat in the dollar made bullion more attractive for other currency holders, drawing further support from some safe-haven demand from China amid wide protests over its strict COVID-19 curbs.

Spot gold was up 0.3% at $1,761.49 per ounce, as of 0933 GMT. U.S. gold futures rose 0.4% to $1,761.10.

"The dollar turning a touch lower is helping gold prices now," independent analyst Ross Norman said, adding if China COVID situation escalates quickly, it would be positive for the gold market.

"We got really two opposite drivers playing on gold at the same time. However, I don't think we're going to see fresh longs coming and taking the market much higher as we head into the final furlong of the year."

Rival safe-have dollar surrendered earlier gains and fell 0.6% against its rivals.

Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China's stringent COVID restrictions flared for a third day and spread to several cities.

China's COVID protests dented risk appetite as well.

Meanwhile, the top bullion consumer's net gold imports via Hong Kong in October fell 45% to 18.664 tonnes from the previous month, data showed.

Investors' focus this week will be on Federal Reserve Chair Jerome Powell's Wednesday speech on the U.S. economy and labour market for clues on the monetary policy outlook.

The U.S. Labor Department's November nonfarm payrolls data due on Friday is expected to provide more clarity on the Fed's rate-hike path.

Higher interest rates increase the opportunity cost of holding the non-yielding metal.

Meanwhile, silver slipped 0.6% to $21.46, platinum rose 0.5% to $984.96 and palladium gained 0.7% to $1,865.23.

(Source : Reuters) , all rights reserved by original source.


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