Gold abandons gains after US data By Investing.com

Written by Gina Lee

Investing.com – Thursday morning Asia was down as investors warned they could provide clues on.

Update 3:50 p.m. Riyadh time

It was released a few moments ago and has registered 353,000 claims for unemployment benefits, and the estimate was only 350,000 claims, and those numbers are considered negative.

Unemployment data in the United States is an important indicator of the state of the economic recovery. They are published weekly and used by investors to learn about the state of the US economy and the strength of companies during that time. An average drop to 366,000 claims, the lowest since March 26, 2020.

Quarterly data also appeared at the same time and turned negative, as it was 6.6%, and is expected to register 6.7%, an increase from the last GDP monitor, which stood at 6.1%. and was then positive.

The quarter was positive as it recorded 6.2%, 0.2% more than expected. As for him, he doubled compared to his last follow-up, where he recorded 9.7%, while the last follow-up stopped at 4.5%.

In those times, it registers $ 1,782.34 per ounce, down 0.51%, while registering $ 1,783.90 per ounce, abandoning its meager gains and falling 0.39%.

The barrel is registered at 67.58 dollars per barrel, down 1.14%, while its price is set at 70.55 dollars per barrel, down 1%.

{{942611 | US Index}} stood at 92.96, up 0.13%. This indicator measures the strength of the dollar against a basket of foreign currencies.

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It fell 0.10% to $ 1,789.15 at 12:16 am ET (4:16 GMT). It fell 0.7% in the previous session, the biggest single-day drop in more than two weeks.

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“You will probably see some sort of continued consolidation for gold, but it’s likely down until we get past Jackson Hole,” Edward Moya, chief market analyst at Oanda, told Reuters.

The Federal Reserve will open the Jackson Hole Symposium later today, where the Federal Reserve Chairman will deliver a speech on Friday. Although a growing number of Federal Reserve officials have pointed to the possibility of starting to reduce assets earlier than expected, the global COVID-19 outbreak continues to cast a shadow over the economic outlook and cast doubt on this. point of view. .

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“Once we get past Jackson Hole, the market still expects the Fed to cut asset purchases, but they will decouple that from rate hikes,” Moya said, adding that the rate cut. interest was likely to continue longer and this should support gold prices.

However, other central banks are ahead of the Fed, with the Bank of Korea (BOK) raising interest rates as it released its policy decision earlier today. Korea’s central bank interest rate for August is 0.75%, up 25 basis points from 0.5% previously and within expectations, and South Korea is now the first major Asian economy to raise interest rates since the start of the COVID-19 pandemic.

Holdings of the SPDR Gold Trust (P: GLD) fell 0.3% to 1,001.72 tonnes on Wednesday, the lowest level since April 2020.

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As for other precious metals, the price edged up to 23.85 an ounce, while platinum fell 1% and fell 1.5%.