Gold prices gain amid dim economic outlook

17.08.2020 - Davydova Maria
Gold prices gain amid dim economic outlook

Gold prices rose earlier on Monday in Asia as underwhelming data dimmed outlook for a swift economic recovery from the COVID-19 pandemic.

Gold futures gained 0.04% to $1,950.60 at 11:33 PM ET (04:33 AM GMT) after a U.S. retail earnings report last week showed a 1.2% growth month-on-month.

However, gains for the yellow metal remained limited as the U.S. Dollar regained stability amid rising bond yields in America. The Greenback has recently gone through weeks-long losses, which made the safe-haven gold cheaper for holders of other currencies.

Meanwhile, possible signs of easing U.S.-China tensions may have also boosted risk appetite and kept gains for gold in check. On Friday, China was reported to have been planning on increasing its purchase of oil from the U.S. As analysts were not swayed from expressing skepticism by the report released over the weekend, they forecast that gold may still see further losses in the future.

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