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© Reuters.
Written by Gina Lee
Investing.com – It was higher in Asian trading on Monday morning as Americans held steady as investors eagerly awaited the Federal Open Market Committee, which will be released later in the week.
It rose 0.28% to $ 1,806.90 at 12:52 am ET (4:52 am GMT), just above the psychological level of $ 1,800 an ounce. While the dollar, which generally moves upside down with gold, fell Monday morning but remained near multi-month highs.
The FOMC is generally expected to make minor changes to the Fed’s monetary policy at its meeting tomorrow, with a decision due the next day. However, investors will be looking for clues as to when the Fed will take a more hawkish stance by cutting assets and raising interest rates.
On the data front, US data released on Friday showed better than expected 63.1 while falling below expectations at 59.8 in July. In Asia, Japan released theirs earlier today.
Meanwhile, in Europe, a growing number of countries have stepped up their defenses against the growing number of delta-variable COVID-19 cases and are increasing their vaccination rates.
While real demand for gold in India, a major hub for gold, was uneven over the past week as price volatility deterred buyers, in turn forcing traders to increase discounts to their markets. highest levels in almost a month to encourage buying.
Investors also increased their net long positions in COMEX gold during the week ending July 20, according to data from the US Commodity Futures Trading Commission.
In other precious metals news, it was up 0.1%, while platinum and platinum came in at $ 2,671.77 and $ 1,061.55, respectively.
Update
Negative data came out with 676K and the estimate was 800K. It is an indicator that determines the number of new residential homes that have been sold in the past month. The uptrend in this report has a positive effect on the dollar, as the real estate sector is a leading indicator of the economy in general. The new activity in the real estate sector creates a significant economic impact. As for negative results, they indicate a weakness in the purchasing power of citizens and cast a shadow on the dollar, and some may resort to a safe haven if the index is significantly negative, which increases the value of gold.
It recorded a decrease of -6.6%, while the estimate was 3.5%.
It recorded at these times 1,800.20, a slight drop of 0.09%. Meanwhile, gold contracts are currently at $ 1,797.55, down 0.27%.
It currently registers 92.64, down 0.29%.
The world is awaiting the decision of the US Federal Reserve after its meeting, which is due to start tomorrow, and the market is trying, by studying the indicators, to determine the Fed’s intentions to tighten monetary policy and to know when to do so. will begin the tightening process. , and this will naturally affect gold and its demand.
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