Gold down but still above $1,800-mark over weak dollar
Gold dropped on Tuesday in Asia but stayed afloat atthe $1,800 mark amid a weakened dollar. Investors increased bets that the U.S. Federal Reserve would push back the start of asset tapering.
Gold futures edged up 0.52% to $1,824.25 by 12:19 AM ET (4:19 AM GMT), following their climb to a two-and-a-half-month peak over a lackluster U.S. jobs report.
The dollar, typically moving inversely to gold, inched down on Tuesday.
The U.S. Central Bank is likely to hold off the start of asset tapering after Friday’s jobs report showed weaker-than-expected non-farm payrolls. Investors are yet to see whether the other central banks handing down their decisions would begin their respective asset tapering.
In India, August gold imports were almost double year-on-year due to strong demand. Weaker prices have also pushed jewelers to increase purchases for the upcoming festive season.
In other precious metals, silver settled 0.4% to $24.76 per ounce, while palladium held steady at $2,410.52. Platinum crept up 0.1%.