Gold stumbles, virus fears curb losses
Gold fell on Tuesday in Asia but remained near a more than one-week peak. The continually rising numbers of coronavirus cases globally and the recent lackluster Chinese economic data lifted safe-haven assets.
Gold futures crept down 0.11% to $1,787.90 by 12:18 AM ET (4:18 AM GMT) after it reached its highest level since August 6 on Monday. The dollar, typically moving inversely to gold, climbed up on Tuesday.
Investors are not anticipating the minutes from the US Federal Reserve’s latest meeting, due within the day. The minutes could provide investors clues on when the central bank will begin asset tapering.
Investors are also mulling over the economic data released by China on Monday, which showed slower-than-expected growth in industrial production and retail sales. The recent flooding and a surge in COVID-19 cases have held back the recovery of the engine of the global economy.
The Industrial and Commercial Bank of China has also put on hold transactions of precious metals for some accounts, citing the increased volatility in both global and domestic metal prices.
In other precious metals news, silver and platinum went up 0.3% and 0.1%, respectively. Meanwhile, palladium held steady at $2,605.92.