CHWA

CHW Acquisition Corporation

8.2800
USD
5.40%
8.2800
USD
5.40%
5.9200 13.1300
52 weeks
52 weeks

Mkt Cap 128.64M

Shares Out 15.69M

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PRECIOUS-Gold retreats as Fed officials hint at big rate hikes

Aug 11 (Reuters) - Gold prices slipped on Thursday, as the dollar and Treasury yields rebounded after comments from Federal Reserve officials pointed to aggressive interest rate hikes despite signs of slowing U.S. inflation. FUNDAMENTALS * Spot gold fell 0.2% to $1,788.07 per ounce, as of 0123 GMT, after hitting its highest since July 5 at $1,807.79 on Wednesday. * U.S. gold futures dipped 0.5% to $1,805.10. * U.S. consumer prices did not rise in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for Americans who have watched inflation climb over the past two years. * However, Minneapolis Fed Bank President Neel Kashkari said that he continues to believe that the U.S. central bank will need to raise its policy rate to 3.9% by year-end and to 4.4% by the end of 2023 to fight inflation. * Chicago Fed President Charles Evans remained more hawkish than financial markets, expecting that U.S. rates will top out at 4% next year. * Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. * The dollar index regained some footing to trade up 0.1% at 105.280 after falling to its lowest since June 29 at 104.630 on Wednesday. [USD/] * Benchmark U.S. 10-year Treasury yields also rebounded to 2.7860%, increasing the opportunity cost of holding non-interest bearing gold. [US/] * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.17% to 997.42 tonnes on Wednesday from 999.16 tonnes on Tuesday. [GOL/ETF] * Spot silver eased 0.2% to $20.53 per ounce, platinum rose 0.2% to $943.31, and palladium gained 0.2% to $2,244.33. DATA/EVENTS (GMT, July) 1230 US Initial Jobless Clm Weekly 1230 US PPI Machine Manufacturing July (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich) ((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/ The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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