Gold up as dollar inches down, investors await US data

04.08.2021 - Evdokimov Roman
Gold up as dollar inches down, investors await US data

Gold went up in Asia on Wednesday, boosted by a weakening dollar. Meanwhile, investors continue to wait for the release of the latest US jobs data.

Gold futures crept up 0.09% to $1,815.80 by 12:49 AM ET (4:49 AM GMT). The dollar, typically moving inversely to gold, dipped on Wednesday and approached recent lows.

Going over to the data front, investors are anticipating the ADP non-farm employment change for July, as well as the Markit Composite Manufacturing Purchasing Managers’ Index (PMI), the services PMI, and the Institute of Supply Management (ISM) Non-Manufacturing PMI, all due later in the day.

The data would be given ahead of the latest US jobs report due on Friday.

Meanwhile, holdings in SPDR Gold Trust dropped 0.2% to 1,027.97 tons on Tuesday.

In news about other precious metals, silver climbed up 0.4% and platinum edged up 0.1%. Palladium also gained 0.2% to $2,652.99 per ounce, following a one-week high of $2,707.28 during the last session.

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