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© Reuters.
Written by Gina Lee
Investing.com – It was higher in Tuesday morning trading in Asia as weakness gave the yellow metal a boost. Investors are now looking for clues as to when this will start.
It also rose 0.33% to $ 1,818.15 at 12:05 am ET (4:05 am GMT). While the dollar, which typically moves upside down with gold, fell and remained near its two-week low on Tuesday.
Here is how we trade gold this time period:
The dollar stabilized after falling after the lack of a clear timeline for asset cuts and interest rate hikes at the Jackson Hole seminar last week. He only suggested that the asset reduction schedule could be “by 2021”.
However, Fed Chairman Loretta Mester said she was not yet convinced recent inflation readings would be sufficient to qualify for assets to start running out, despite the recovery continuing. of the US economy after COVID-19.
The latest report on jobs in the United States, including, will be released on Friday. Data released on Monday showed pending home sales fell 1.8% month-over-month in July.
In the Asia-Pacific region, data released earlier today showed a slowdown in factory activity in China in August. The manufacturing PMI was at 50.1 and the non-manufacturing PMI was at 47.5, below 50 signs of growth.
The world’s second-largest economy is still feeling the impact of recent strict lockdowns to curb the recent COVID-19 outbreak in the country as well as rising material prices.
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Other news on precious metals was down 0.1% and platinum 0.3% to $ 1,003.89. And it fell 0.7%, after jumping 3.1% in the previous session.
Update at 12:15 pm Riyadh time
It was released a few moments ago, and it’s one of the most important indicators of inflation, and it went up to 3.0%, when the estimate was supposed to be 2.7%. .
With inflation at 3.0% hitting its highest level in 10 years, this should hurt euro sentiment and give conservative gold a positive boost pending the release of consumer confidence data and employment.
Gold is now at $ 1,815 an ounce, up 0.26%, while gold contracts are at $ 1,817.15, up 0.28%.
Update 5:00 p.m. Riyadh time
The results were released a few moments ago, which turned negative, since he recorded 113.8 and his last result was 125.1. At that time, it led to a sharp rise in the price of gold and a fall in the price of the US dollar due to the bad Data.
The Consumer Confidence Index was expected to register 124 points, and the result is seen as a sharp drop, putting more pressure on the US dollar, which is affected by recent Powell statements which confirmed that the interest rate won’t be raised anytime soon, nor has he announced a clear timetable for cutting back on Fed asset purchases, which hurt the dollar, when everyone expected him to announce the start of the reduction, which did not take place.
walk now
Gold contracts are currently registering $ 1,815.95 per ounce, an increase of 0.21%, while gold is registering 1,813.40, an increase of 0.18% per ounce..
And it records $ 68.50 per barrel, a drop of more than 1%, while its price is set at 71.59 per barrel, a drop of nearly 0.9%..
It stands at $ 92.55 against a basket of foreign currencies.
Update market prices now at 5:30 p.m. Riyadh time
Gold contracts at these times are recording $ 1,814.65 per ounce, an increase of 0.14%, while gold is registering $ 1,812 per ounce, an increase of 0.1%..
And it registers $ 68.58 per barrel, down 0.82%, while its price is set at 71.76 per barrel, down nearly 0.62%..
It stood at $ 92.50 against a basket of foreign currencies, down 0.16%.
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