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Gold prices fell on Tuesday, but surpassed the psychologically important level of $ 1,800 as the growing threat of increasing infections with the mutagen delta strain fueled expectations that the Federal Reserve could delay the move. softening of its accommodating position.
And gold fell 0.1% in spot trades to $ 1,803.53 an ounce at 6:50 am GMT, after jumping around 1.4% on Monday. And gold in US futures came in at $ 1,806.30.
The dollar index was stable after falling around 0.6% on Monday.
Hou Lee, an economist at OCBC Bank, said the fact that gold has once again crossed the $ 1,800 mark indicates that the market is still very concerned about delta tension.
Data from IHS Markit showed business growth in the United States slowed for a third consecutive month in August, while rapidly spreading delta tension weakened recovery momentum.
Investors are now focused on a planned speech by U.S. Federal Reserve Chairman Jerome Powell at the annual Jackson Hole symposium in Wyoming, pending any indication of the U.S. central bank’s plans to scale back the measures. stimulus.
And Asian stocks were bolstered today by allaying concerns about an immediate reduction in stimulus measures.
As for other precious metals, silver fell 0.3% to $ 23.59 an ounce, while platinum rose 0.2% to $ 1,015.41.
And palladium gained 0.4% to $ 2,410.42. Prices rose 5.5% in the previous session, the biggest single-day increase since May 2020.
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