Gold makes gains, held back by dollar, early tapering bets

10.08.2021 - Petr Mazaylo
Gold makes gains, held back by dollar, early tapering bets

Gold climbed up in Asia on Tuesday but stayed near multi-month lows. The yellow metal’s gains were capped by a strengthening dollar and increasing bets that the US Fed will begin asset tapering earlier than expected.

Gold futures made a 0.68% gain to $1,738.25 by 12:05 AM ET (4:05 AM GMT), following their lowest since March 31 on Monday. The dollar, typically moving inversely to gold, edged up on Monday and stayed near an over two-week high.

Meanwhile, US Treasury yields went up to an over three-week high as strong jobs data from the US indicated an improving market. The country’s latest jobs report, released last week, showed that non-farm payrolls increased by 943,000, while the unemployment rate decreased to 5.4% in July.

In other precious metals news, silver remained steady at $23.43 per ounce, following its fall to an eight-month low in the previous session. Meanwhile, platinum and palladium inched up 0.1% to $980.81 and $2,603.20, respectively.

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