* Precious metals set for weekly falls. * U.S. dollar hits 20-year high. * Benchmark 10-year yields jump to 12-year highs. By Kavya Guduru. Gold prices dropped over 1.5% to their lowest since April 2020 on Friday, hurt by an unrelenting rally in the U.S. dollar and Treasury yields as the Federal Reserve adopts a more aggressive stance to check surging inflation.
When aluminium hit its all-time high of $4,073.50 per tonne in March, it did so in direct reaction to Russia's invasion of Ukraine. The market was pricing the potential loss of metal from Russia's Rusal, which produced 3.76 million tonnes in 2021.
* China premiums widen to $26-$40/oz this week. * Japan sees $1 discount to $0.50 premium. * Singapore premiums at $1.80-$3. By Ashitha Shivaprasad and Rajendra Jadhav. Gold premiums in top consumer China climbed this week, helped by strong demand for the bullion, while prices in India traded at a discount for the first time in four weeks due to an uptick in domestic rates.
* 10-year U.S. Treasury yields at 11-year high. * Dollar hits two-decade peak. * Gold on track for second straight weekly fall. * Palladium down more than 3% By Brijesh Patel.
Gold prices held a narrow range on
Friday as the dollar steadied near a 20-year peak, while the
likelihood of more aggressive interest rate hikes by the U.S.
Gold prices were flat on Friday as
the dollar held close to its recent peak while the likelihood of
more aggressive interest rate hikes by the U.S. Federal Reserve
also weighed on the appeal for ...
* Fed lifts target interest rate to 3.00%-3.25% range. * U.S. weekly jobless claims rise. * 10-year U.S. Treasury yields hit 11-year high. By Kavya Guduru. Gold prices edged lower in choppy trading on Thursday, pressured by a stronger dollar and higher Treasury yields, while the U.S. Federal Reserve's hawkish policy stance clouded the outlook for non-yielding bullion.
Aluminium prices snapped a four-day losing streak on Thursday, boosted by a weaker dollar and optimism that stimulus measures would boost demand in top metals consumer China. Three month aluminium on the London Metal Exchange had gained 1.2% to $2,228 a tonne by 1600 GMT, after touching 18-month lows in the previous session.
* Dollar eases off recent peak. * Fed raises rates by 75 bps to 3-3.25% range. * Bank of England raises rates to 2.25% By Brijesh Patel. Gold prices steadied on Thursday, as a pullback in the dollar helped bullion to counter pressure from elevated U.S. bond yields and hawkish remarks on future rate hikes from the Federal Reserve.
Gold prices fell as much as 1% on
Thursday, as the U.S. dollar rallied and the Federal Reserve
flagged more interest rate hikes, diminishing the zero-yielding
metal's appeal.
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