Gold up as dollar weakens, investors anticipate US data
Gold climbed up on Tuesday in Asia, boosted by a weakening dollar. Investors now turn to the latest US economic data, due later in the week, for clues on the US Federal Reserve’s timeline on asset tapering.
Gold futures jumped 0.33% to $1,818.15 by 12:05 AM ET (4:05 AM GMT). The dollar, typically moving inversely to gold, edged down and hovered near two-week lows on Tuesday.
The greenback stabilized after its declines after Fed Chairman Jerome Powell remained mum on a clear timeline for asset tapering and interest rate hikes during last week’s Jackson Hole symposium. Powell instead suggested that the timeline could be “within 2021.”
The latest US jobs report, including non-farm payrolls, is due on Friday. Data released on Monday revealed a 1.8% decline in month-on-month pending home sales in July.
In other precious metals, silver took a 0.1% decline, while platinum inched down 0.3% to $1,003.89. Palladium dipped 0.7% following its 3.1% rise in the previous session.