Gold price affected after PMI emerged by Investing.com

Written by Gina Lee

Investing.com – It was higher in Tuesday morning trading in Asia, approaching a two-week high. Weakness has also supported the yellow metal, and investors are waiting for the exit from.

It also rose 0.80% to $ 1,797.65 at 11:34 p.m. ET (3:34 a.m. GMT) after hitting its highest level since June 18 at $ 1,794.86 on Friday. While the dollar, which generally moves in the opposite direction to gold, fell Tuesday morning after hitting a three-month high at the end of the previous week. It is reported that US markets were closed on Monday for a public holiday.

Investors are still focusing on the minutes of the Federal Reserve’s June meeting, scheduled for Wednesday, for more clues about the central bank’s surprisingly hawkish stance in the policy decision released after that meeting. They are also awaiting the political decision of the Reserve Bank of Australia, expected later today.

On the data front, Japanese household spending rose 11.6% year-on-year in May, above the 10.9% forecast by Investing.com but below April’s 13% growth. It contracted 2.1% month over month.

In Europe it was 59.5, while it was 58.3; Both PMIs were higher than expected, with activity in the region growing at the fastest pace in 15 years.

Transatlantic, a June supply release is also scheduled for later today.

While global stocks remained near record highs on Monday, supported by European data and another released on Friday. However, concerns remain about the delta variant of COVID-19.

Meanwhile, the China Postal Savings Bank has suspended the opening of new accounts for trading in the precious metals spot market due to price fluctuations and high business risks.

As for other precious metals, it fell 0.1%, while platinum rose 0.5%.

Gold analysis:

Update:

Gold rose after the release of negative results, with the index currently registering 60.1 while it is expected to hit 63.5.

Gold is now at $ 1,811.35 an ounce, up 1.55%. Gold is rising globally on a series of weak data that allayed market fears of an anticipated Fed rate hike. Investors are awaiting tomorrow’s release to better understand the Fed’s stance on when to raise rates.