Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER
Gold Down, Hovers Near Five-Year Highs Following China Caixin Services Data
© Reuters.
By Gina Lee
Investing.com – Gold was down on Thursday morning in Asia, but remained near five-year highs. investors digested China’s Caixin services economic data and now await key U.S. economic data to further gauge the economic outlook.
Gold futures edged down 0.13% to $1,907.45 by 11:57 PM ET (3:57 AM GMT) but was still above the $1,900-mark. The dollar, which usually moves inversely to gold, inched up on Wednesday and the benchmark 10-year U.S. Treasury yield slipped below 1.60%.
Data released earlier in the day said China’s Caixin Services Purchasing Managers Index (PMI) was 55.1 in May, above the 50-mark indicating expansion. The reading follows the Caixin Manufacturing Purchasing Managers’ Index (PMI) released on Tuesday, which increased to 52 in May, the highest level since December 2020.
In Japan, the services PMI data in May was 46.5, below April’s 49.5, while in Australia, retail sales grew 1.1% month-on-month in April.
Meanwhile, in the U.S., Philadelphia Fed President Patrick Harker said on Wednesday that the U.S. Federal Reserve should start discussing the time frame to “slowly, carefully move back on our purchases at the appropriate time.”
Across the Atlantic, the European Central Bank said it would not change the size of its asset purchase program for now at its meeting on Jun. 10, but indicated that it could start the tapering process later in 2021.
On the data front, investors now await U.S. initial jobless claims due late in the day, and non-farm payrolls to be released on Friday.
In other precious metals, silver inched down 0.1%, while palladium and platinum edged up 0.2%.
Related Articles
Add Chart to Comment
Confirm Block
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.
Report this comment
I feel that this comment is:
Comment flagged
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.