{"id":1185743,"date":"2020-05-21T11:50:23","date_gmt":"2020-05-21T16:50:23","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024585"},"modified":"2020-05-21T11:50:23","modified_gmt":"2020-05-21T16:50:23","slug":"gold-price-loses-momentum-on-stronger-dollar","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1185743","title":{"rendered":"Gold price loses momentum on stronger dollar"},"content":{"rendered":"<p>Gold price is drifting away from a near seven-year high, heading for its first loss in three sessions on Thursday, as the <a aria-label=\"US dollar strengthened (opens in a new tab)\" href=\"https:\/\/www.bloomberg.com\/quote\/DXY:CUR\"  rel=\"noreferrer noopener\">US dollar strengthened<\/a> and&nbsp;hopes of a quick economic recovery put more selling pressure on the metal.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>Spot gold fell 1.5% to $1,722.98 an ounce at noon New York time. Earlier, gold price slipped to $1,717.69 an ounce, its lowest over a seven-day period.<\/p>\n<p>Gold futures for June delivery on the Comex also declined 1.7% to $1,722.60, which is lower than the spot price.<\/p>\n<p>\u201cGold seems to have lost a little momentum since breaking&nbsp;above $1,750 and the rise in the dollar today doesn\u2019t seem to be&nbsp;helping,\u201d OANDA analyst Craig Erlam said in an <a aria-label=\"interview with CNBC (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2020\/05\/21\/gold-markets-global-economy-coronavirus-in-focus.html\"  rel=\"noreferrer noopener\">interview with CNBC<\/a>.<\/p>\n<p>\u201cHowever, the enormous amount of monetary stimulus in the&nbsp;system, the need for that to continue for some time and the&nbsp;inflation risk are all bullish for gold in the longer term,\u201d Erlam added.<\/p>\n<p>On Wednesday, minutes from the US Federal Reserve&#8217;s April meeting <a aria-label=\"were released (opens in a new tab)\" href=\"https:\/\/www.businessinsider.com\/federal-reserve-fomc-april-minutes-coronavirus-recession-economic-market-risks-2020-5\"  rel=\"noreferrer noopener\">were released<\/a>, which highlighted key risks emerging throughout the economy as lockdowns pushed forward. The Fed also acknowledged the possibility of further support measures if the economic downturn&nbsp;persists.<\/p>\n<p>However, concurrent with concerns of a second wave of coronavirus outbreak later this year, policymakers noted there could a renewed downward pressure on inflation, which would not bode well for gold as it thrives during periods of inflation.<\/p>\n<p>Meanwhile in other precious metals, palladium dropped 3.4%&nbsp;to $2,029.50 an ounce after reaching a one-month high <a aria-label=\"earlier this week (opens in a new tab)\" href=\"https:\/\/www.mining.com\/gold-price-jumps-to-new-7-year-high-over-fed-warnings\/\"  rel=\"noreferrer noopener\">earlier this week<\/a>. Platinum dropped 1.8% to $830.25, while silver dipped 2.9% to $17.06.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold is heading for its first loss in three sessions.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185743"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1185743"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185743\/revisions"}],"predecessor-version":[{"id":1185745,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185743\/revisions\/1185745"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1185743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1185743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1185743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}