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© Reuters.
Written by Gina Lee
Investing.com – Gold was slightly higher on Friday morning in Asia, with a rally taking on some sparkle after the yellow metal’s recent rally.
It rose 0.16% to $ 1,786.90 at 11:30 p.m. ET (3:20 GMT) and settled down as well. It also rose, which measures the greenback against a basket of currencies over the past week and settled mostly in the morning in Asia, down just 0.02% to 93.55.
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Persistent uncertainty caused by the increase in COVID-19 cases globally and the constant spread of the delta variable have supported gold, which tends to rise in times of uncertainty, but relatively positive economic data from United States gave the dollar an opportunity at the expense of gold.
The number of new jobs in the United States fell to a 17-month low last week, indicating there will be another month of strong job growth. Along with these optimistic forecasts, the mid-Atlantic region slowed for the fourth consecutive month in August, according to a poll released Thursday.
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The dollar rose on expectations that it might start to ease stimulus this year, as it turned out. The market is now looking to the August 26-28 central bankers meeting for more clues on the direction of the Fed.
In general, gold seems to have a positive outlook.
“Gold will certainly benefit from its safe haven status; as markets are down sharply, demand for gold is back,” Craig Erlam, analyst at OANDA, told Reuters.
He added: “In the medium term, the negative pressure will remain on gold, but that will not prevent it from reaping the fruits of the tension.
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As for other metals, they were also down, falling 0.08% to $ 23,212, and platinum futures for October 21 were up 0.45% to $ 973.90.
Crude and West Texas Intermediate futures are slightly higher after significant declines during overnight trading sessions in the US and Europe.
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