Gold eases from 2-week high as economic recovery hopes grow

Wednesday,   07-Apr-2021   08:42 AM (IST)

Gold prices inched lower on Wednesday, retreating from a two-week high hit in the previous session, as a raft of strong U.S. data boosted hopes of a quick economic recovery. Spot gold was down 0.2% to $1,739.46 per ounce by 0127 GMT. Gold futures slipped 0.1% to $1,740.90 per ounce. Bullion prices had jumped on Tuesday to their highest since March 25 at $1,745.15, as U.S. Treasury yields fell and the dollar slipped to a two-week low against a basket of currencies. Asia equities were set for a sluggish open on Wednesday after Wall Street pulled back from record highs reached in previous sessions. In the latest string of robust economic data, U.S. job openings rose to a two-year high in February while hiring picked up as strengthening domestic demand amid increased COVID-19 vaccinations and additional pandemic aid from the government boost companies' needs for more workers. The International Monetary Fund raised its outlook for global economic growth, forecasting worldwide output would rise 6% this year. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,029.04 tonnes on Tuesday from 1,032.83 tonnes on Monday. Perth Mint's gold sales climbed to their highest since at least 2012 in March, the refiner said in a blog post. Silver fell 0.3% to $25.10 and palladium was down 0.4% to $2,674.91. Platinum rose 0.6% to $1,240.40.