© Reuters. The price of gold is benefiting from the weakness of the dollar and is recovering slightlyArabictrader.com – The price of gold rose during the Asian session on Tuesday as it supported the demand for a safe decline in the United States due to factors such as the Corona virus, delta and easing challenges. ..
At 7:03 PM GMT, the price of gold and gold futures contracted at the end of the Asian session. It trades up 0.22% or $ 3.75 and trades close to $ 1,793.20 an ounce.
On the other hand, the US dollar traded 0.15% higher at 92.75 points against other major currencies. The rise of the dollar is reported to cause the price of gold to fall and vice versa. Thus, the positivity of the expected events may contribute to the continued strengthening of the dollar, thus putting pressure on the price of gold.
Recent data showed a sharp decline in the United States and a larger-than-expected decline in the New York Fed Empire State Manufacturing trade index, which eased some concerns about the central bank’s early policy tightening.
For tips on when to cut property purchases, then focus on tomorrow’s U.S. retail data and the minutes of Wednesday’s Federal Reserve July meeting.
During the Asian session, the Reserve Bank released the minutes of its latest meeting earlier today. The Reserve Bank of New Zealand and the Bank of Indonesia will release their policy decisions on Wednesday and Thursday.
Investors continue to digest the economic data released on Monday from China, which shows that industrial production and retail growth grew slower than expected in July. The COVID-19 virus erupted in the country and bad weather affected the recovery of the world’s second largest economy.
The Industrial and Commercial Bank of China has postponed precious metal transactions for some accounts, citing volatility in global and domestic precious metal prices. Asian stocks, on the other hand, fell in early trade on concerns that the death toll in the delta and turbulence in Afghanistan would rise sharply.
Among other metals, metal contracts rose 0.30% to $ 23,865 an ounce. Platinum contracts fell 0.59% to $ 1,0015.65 an ounce. Metal contracts also fell 0.90% to about $ 2,580.00 an ounce.
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