Market

Gold Up Against Muted Dollar, Investors Await More U.S. Data By Investing.com

© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with muted giving the yellow metal a shine on the first trading day of May. Investors also await further U.S. economic data later in the week.

were up 0.36% to $1,774 by 12:10 PM ET (4:10 AM GMT). The dollar, which usually moves inversely to gold, inched up on Monday.

U.S. Treasury Secretary on Sunday said the government spending into President Joe Biden’s plans for infrastructure, jobs and families will be phased in over a decade, thus allaying investor concerns over inflation.

U.S. consumer spending rebounded in March as households received additional COVID-19 relief money from the government. Investors now await more U.S. economic data, including the and April , during the week.

Meanwhile, Dallas Federal Reserve Bank President Robert Kaplan on Friday suggested reducing central bank support for the economy over concerns of imbalances in financial markets, compared to the Fed’s current dovish stance.

Investors also await policy decisions from central banks in , the and throughout the week.

In Asia, the physical gold was sold at a discount last week in India due to the surging COVID-19 cases which led to strict restrictions and kept investors away. India’s daily number of COVID-19 cases surpassed 400,000 on Sunday before coming back down to 392,488 the following day, according to its Ministry of Health and Family Welfare.

However, gold consumption in China jumped 93.9% in the first quarter of 2021 year-over-year, said the China Gold Association on Friday.

Meanwhile, Asian markets had a slow start on Monday due to the closure of the two major markets of China and Japan for a holiday.

In other precious metals, silver was steady at $25.90 per ounce, platinum edged up 0.3%, while palladium held firm after surpassing $3,000per ounce due to supply shortage in the previous session.

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.


Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button