
Please try another search
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%.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.