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

SourceZawya
SectorEconomy
CountryMiddle east

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.FUNDAMENTALS* 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 GLD , 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 ...read more...