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  1. Gold prices holds near 2-wk high, US Fed in focus

Gold prices holds near 2-wk high, US Fed in focus

Gold held steady near a two-week high early on Wednesday, with the prospect of an early U.S. interest rate hike apparently dimming following dovish comments by Federal Reserve chair Janet Yellen earlier this week.

By: | Published: June 8, 2016 7:33 AM
gold

Spot gold was nearly flat at ,243.70 an ounce by 0100 GMT. It touched a two-week high of ,248.40 on Monday. (Reuters)

Gold held steady near a two-week high early on Wednesday, with the prospect of an early U.S. interest rate hike apparently dimming following dovish comments by Federal Reserve chair Janet Yellen earlier this week. Spot gold was nearly flat at $1,243.70 an ounce by 0100 GMT. It touched a two-week high of $1,248.40 on Monday.

U.S. gold was down 0.1 percent at $1,246.40 * U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labour-related costs surged for a second straight quarter as companies hired more workers to raise output, suggesting profits could remain under pressure.

The World Bank slashed its 2016 global growth forecast on Wednesday to 2.4 percent from the 2.9 percent estimated in January due to stubbornly low commodity prices, sluggish demand in advanced economies, weak trade and diminishing capital flows.  The dollar was flat at 107.315 yen off the one-month low of 106.35 touched on Monday but still a long way away from the recent peak of 111.455 scaled at the end of May. * Workers at Northam Platinum’s South African mine said on Tuesday they would not return to work until management and police provided them with safety guarantees after a spate of murders, despite appeals from the company that it was safe.

China’s gold reserves were unchanged, at 58.14 million fine troy ounces at the end of May, from the end of April, the central bank said on Tuesday. Chow Tai Fook Jewellery Group Ltd 1929.HK, China’s largest jeweller by market value, reported a 46 percent fall in full-year profit, hurt by weak consumer sentiment and a fall in tourist arrivals.

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