Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Up, Investors Await U.S Economic Data

CommoditiesAug 04, 2021 06:54
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia. While receiving a boost from a weakening dollar, the yellow metal was stuck in a narrow range as investors await the latest U.S. jobs data.

Gold futures inched up 0.09% to $1,815.80 by 12:49 AM ET (4:49 AM GMT). The dollar, which usually moves inversely to gold, inched down on Wednesday and was near recent lows.

“Gold, like the currency markets, appears to be in wait-and-see mode... gold’s price action remains consolidative but structurally positive and I believe that points to further gains ahead. The converging 100- and 200-day moving averages suggest a breakout is coming and I believe Friday’s U.S. data will be a catalyst,” OANDA senior market analyst for Asia Pacific Jeffrey Halley told Reuters.

On the data front, investors await the ADP non-farm employment change for July, alongside the Markit Composite Manufacturing Purchasing Managers' Index (PMI), the services PMI and the Institute of Supply Management (ISM) Non-Manufacturing PMI, due later in the day.

The data comes ahead of the latest U.S. jobs report, due on Friday.

With Fed Chairman Jerome Powell reiterating that interest rate hikes are “ways away” as the Fed handed down its policy decision during the past week, other Fed officials also chimed in.

The labor market would take time to heal from the effects of COVID-19 and more is needed to be done for the economy to get fully back on track, U.S. Federal Reserve Governor Michelle Bowman said on Tuesday. Bowman’s views were also echoed by San Francisco Fed President Mary Daly.

The Bank of England and Reserve Bank of India will hand down their policy decisions on Thursday and Friday respectively.

In Asia, China’s Caixin services purchasing managers’ index (PMI), released earlier in the day, was 54.9 in July. The reading was higher than the 50.3 figure from the previous month.

Holdings in SPDR Gold Trust (P:GLD) fell 0.2% to 1,027.97 tons on Tuesday.

In other precious metals, silver gained 0.4% and platinum inched up 0.1%. Palladium edged up 0.2% to $2,652.99 per ounce after hitting a one-week high of $2,707.28 during the previous session.

Gold Up, Investors Await U.S Economic Data
 

Related Articles

Oil Cruises to 4th Weekly Gain Despite Risk-Off Friday
Oil Cruises to 4th Weekly Gain Despite Risk-Off Friday By Investing.com - Sep 17, 2021

By Barani Krishnan Investing.com - Oil cruised to a fourth straight weekly gain, riding on the impact of unexpected supply shortages from the three-week old Hurricane Ida, despite...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email