Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained!

imageCommodities1 hour ago (Oct 11, 2021 11:39PM ET)

(C) Reuters.

By Gina Lee – Gold was up on Tuesday morning in Asia, after trading flat as the Asian session opened. The dollar also inched upwards over wide expectations that the U.S. Federal Reserve will begin asset tapering in November 2021.

Gold futures edged up 0.16% to $1,758.55 by 11:36 PM ET (3:36 AM GMT). The dollar, which normally moves inversely to gold, inched up on Tuesday and remained near a one-year high touched in September. Surging energy prices and wide expectations that the U.S. Federal Reserve will soon begin asset tapering contributed to the dollar’s rally.

Investors will also monitor comments from Atlanta Fed President Raphael Bostic, due later in the day, and the minutes from the Fed’s latest meeting, due on Wednesday.

However, across the Atlantic, the tune was slightly different. Current levels of inflation in the eurozone will not trigger monetary policy action as growth in services prices and wages remains weak, European Central Bank chief economist Philip Lane said on Monday.

The Bank of Korea also kept its interest rate unchanged at 0.75% as it handed down its policy decision earlier in the day.

In other precious metals, silver edged down 0.2%, while platinum fell 0.5%.

Palladium dropped 0.4% to $2,103.16, after hitting its highest since Sep. 10 at $2,182.67 on Monday. Russia’s Nornickel, the largest producer of the metal globally, cut its deficit estimate for the global palladium market in 2021 and into 2022 due to the flagging recovery of the auto sector, a senior executive told Reuters.

Gold Up, Steadies as Fed Taper Expectations Widen

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Gold Up, Steadies as Fed Taper Expectations Widen