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Gold Down as Investors Regain Risk Appetite

Commodities Jul 21, 2021 01:15AM ET
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By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia. The dollar strengthened and fears about the recent surge in COVID-19 cases involving the Delta variant also eased, thus increasing investors’ risk appetite.

Gold futures edged down 0.18% to $1,808.05 by 1:10 AM ET (5:10 AM GMT). The dollar, which usually moves inversely to gold, inched up on Wednesday to a near three-and-a-half-month high. Benchmark 10-year U.S. Treasury yields also bounced off five-month lows.

Asian shares were also mostly up on Wednesday, as investors regained risk appetite thanks to upbeat earnings reports and revived economic optimism.

In Asia, the Bank of Japan (BOJ) also released the minutes from its latest policy meeting. Many BOJ policymakers were worried rising global commodity costs will gradually push up the country’s inflation, though some also said that weak consumption will keep any upward pressure modest.

Japanese trade data released earlier in the day was also better than expected, with exports growing 48.6% year-on-year, a fourth consecutive month of double-digit gains and imports growing 32.7% year-on-year in June.

Elsewhere, Swiss customs data released on Tuesday said exports of gold to India edged higher in June, although remaining far below levels seen earlier in the year, while shipments to China fell.

The Bank of Russia also said the country’s gold reserves stood at 73.7 million troy ounces at the start of July. Meanwhile, the European Central Bank and Bank Indonesia will hand down their respective policy decisions on Thursday.

Meanwhile, surface operations, including processing, resumed at Miner Barrick Gold’s Hemlo mine after being suspended during the previous week due to a worker fatality, the company said on Tuesday.

In other precious metals, silver was steady at $24.92 per ounce, palladium edged up 0.2% and platinum gained 0.3%.

Gold Down as Investors Regain Risk Appetite
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Comments (3)
Shinobi Jack
Shinobi Jack Jul 21, 2021 3:33AM ET
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Gold basically held (0.18%!!) while everything else dropped so it's doing it's job. While banks, in the UK so LBMA, are allowed to create purely synthetic GOZ balances on their balance sheet in exchange for GBP/USD i.e. without any physical gold being held, the Gold price will remain relatively supressed. I expect futures to rise to 2,200 thanks to this rampant inflation but for it to really take off in 2022 when the capital requirements for synthetic gold change (i.e. it's treated as 85% not there, which it is, rather than the same as holding the physical gold). As for treasuries, those are currently providing guaranteed negative real returns. Crazy people are buying them
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Timothy Goodson
Timothy Goodson Jul 21, 2021 2:31AM ET
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this didnt age well
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Dan OGrady
Dan OGrady Jul 21, 2021 1:58AM ET
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Asian markets are down This article is….
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