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Gold heads for worst monthly decline since 2016

Reuters2021-06-30

June 30 (Reuters) - Gold prices held steady on Wednesday as investors were cautious ahead of U.S. jobs data due later this week, but prices were set to post their worst month since November 2016 on the U.S. Federal Reserve's shift to a hawkish policy stance.

FUNDAMENTALS

* Spot gold was steady at $1,761.80 per ounce, as of 1231 GMT. U.S. gold futures fell 0.1% to $1,761.80.

* For the month, prices were down 7.6%. For the quarter, gold had risen 3.2%.

* Federal Reserve Governor Christopher Waller on Tuesday said he is "very optimistic" about the economy, and while he declined to say when he thinks the Fed should start raising interest rates, he said it could be next year.

* U.S. consumer confidence jumped to its highest level in nearly 1-1/2 years in June as growing labour market optimism amid a reopening economy offset concerns about higher inflation.

* The U.S. Labor Department's nonfarm payrolls data on Friday is expected to show a gain of 690,000 jobs this month, compared with 559,000 in May, according to a Reuters poll.

* Gold is seen as a hedge against inflation, although a Fed rate hike will increase the opportunity cost of holding bullion and dull its appeal.

* Silver rose 0.3% to $25.81 per ounce. Palladium gained 0.4% at $2,686.81 and was headed for a fourth straight quarterly gain.

* Platinum rose 0.2% to $1,068.96, and was set to post its worst quarter and month since March last year.

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Comment27

  • BlueDaisy
    ·2021-06-30
    Stocks are better than Gold
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    • BlueDaisy
      ??
      2021-06-30
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    • WarSlasher
      in wartime pnly gold is maybe useful, can be powdered and eat
      2021-06-30
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  • Kwiang27
    ·2021-06-30
    I see
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  • EasonLim87
    ·2021-06-30
    OMG
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  • Weeckee
    ·2021-06-30
    If pandemic is not getting worse and vaccination is on a good path, then naturally gold will decline.
    Reply
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  • AngieAbcde
    ·2021-06-30
    Likely to drop further
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    • AngieAbcde
      When there are better gains elsewhere, Gold will drop fuRther
      2021-06-30
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    • Weeckee
      Then do wE buy on dip
      2021-06-30
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  • Tjjjj
    ·2021-06-30
    Buy gold
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  • Tongdadd
    ·2021-06-30
    Looking back, Gold had not really been a good investment tool
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  • Givethanks
    ·2021-06-30
    Waiting for reversal & hope it can happen sooner
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  • June_C
    ·2021-06-30
    Good the gold 
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  • edseah24
    ·2021-06-30
    Still high
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  • Kachuaeric
    ·2021-06-30
    Latest
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  • Stellin
    ·2021-06-30
    Time to buy gold!
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  • Stellin
    ·2021-06-30
    Time to buy gold!
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  • Oddleo
    ·2021-06-30
    Save more now for better returns [Silence] 
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  • SaveHK
    ·2021-06-30
    Gold down means Share goes ?????????
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    • NareshwG
      Yes, and we can increase gold too.. Its win-win [得意] [得意]
      2021-06-30
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    • Oddleo
      Yes yes!! [Bless]
      2021-06-30
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  • Bodoh
    ·2021-06-30
    Very good
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  • NareshwG
    ·2021-06-30
    Time to buy more gold.. Its a good news!! =) 
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    • sfleong1
      wow
      2021-07-01
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  • DansonYong
    ·2021-06-30
    Nice
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  • MonaMaMa
    ·2021-06-30
    Gold have its roleAccumulate when its weak
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    • AetherC
      agree
      2021-06-30
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  • KW1
    ·2021-06-30
    Oh
    Reply
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