Gold up, dampened by recovering dollar

20.08.2021 - Davydova Maria
Gold up, dampened by recovering dollar

Gold made a slight gain on Friday in Asia, as a recovering dollar somewhat took a bit of the luster from a recent rally in the safe-haven metal.

Gold futures inched up 0.16% to $1,786.90 by 11:30 PM ET (3:20 AM GMT), and spot gold remained steady. The dollar index that keeps tally of the greenback against other currencies has been rallying over the past week and mostly steady in the morning in Asia, edging down just 0.02% to 93.55.

The uncertainty brought about by a surge in COVID-19 cases globally and the rampant spread of the Delta variant should be favorable for gold, which tends to rise in periods of uncertainty. However, relatively positive economic figures from the US have given the dollar a boost at the expense of the yellow metal.

The greenback has been lifted higher by expectations that the US Federal Reserve could begin stepping back on stimulus this year, as minutes from its July meeting seem to indicate.

In other precious metals news, silver futures were also down, falling 0.08% to $23.212. Platinum futures for October 21 delivery rose 0.45% to $973.90.

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