Gold Down Over Firmer Dollar, Investors Monitor U.S. Inflation Data By Investing.com

0
31

© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia against a firmer dollar, as investors await U.S. data to get further signals on the inflation level and economic recovery from the COVID-19 pandemic.

were down 0.35% to $1,888.95 by 11:23 PM ET (3:23 AM GMT). The dollar, which usually moves inversely to gold, inched up while the benchmark 10-year U.S. Treasury yields slid below 1.50% for the first time since May 7.

Investors now await U.S. data, including the in May and , due later in the day, to get further clues on the U.S. economic growth and the direction of the U.S. Federal Reserve’s monetary policy.

“A significant upside surprise in inflation could tilt the Fed taper discussion to sooner rather than later, though the majority would still be looking for substantial progress toward maximum employment before considering tapering.” So far though, “the market is buying into the Fed’s view that the rise in prices is transitory and the Fed will not alter its policy guidance at next week’s FOMC meeting,” ANZ economists said in a note.

Across the Atlantic, the will hand down its policy decision later in the day. The central bank will maintain its current stimulus measures in case higher borrowing costs could block a still nascent economic recovery from the COVID-19 pandemic.

Meanwhile, the will start in Cornwall on Friday.

In other precious metals, silver inched down 0.1%, platinum edged down 0.2%, while palladium was steady at $2,777.69.

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.