Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Up Against Muted Dollar, Investors Await More U.S. Data

CommoditiesMay 03, 2021 12:16AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with muted dollar giving the yellow metal a shine on the first trading day of May. Investors also await further U.S. economic data later in the week.

Gold futures were up 0.36% to $1,774 by 12:10 PM ET (4:10 AM GMT). The dollar, which usually moves inversely to gold, inched up on Monday.

U.S. Treasury Secretary Janet Yellen on Sunday said the government spending into President Joe Biden’s plans for infrastructure, jobs and families will be phased in over a decade, thus allaying investor concerns over inflation.

U.S. consumer spending rebounded in March as households received additional COVID-19 relief money from the government. Investors now await more U.S. economic data, including the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index and April non-farm payrolls, during the week.

Meanwhile, Dallas Federal Reserve Bank President Robert Kaplan on Friday suggested reducing central bank support for the economy over concerns of imbalances in financial markets, compared to the Fed’s current dovish stance.

Investors also await policy decisions from central banks in Australia, the U.K. and Norway throughout the week.

In Asia, the physical gold was sold at a discount last week in India due to the surging COVID-19 cases which led to strict restrictions and kept investors away. India’s daily number of COVID-19 cases surpassed 400,000 on Sunday before coming back down to 392,488 the following day, according to its Ministry of Health and Family Welfare.

However, gold consumption in China jumped 93.9% in the first quarter of 2021 year-over-year, said the China Gold Association on Friday.

Meanwhile, Asian markets had a slow start on Monday due to the closure of the two major markets of China and Japan for a holiday.

In other precious metals, silver was steady at $25.90 per ounce, platinum edged up 0.3%, while palladium held firm after surpassing $3,000per ounce due to supply shortage in the previous session.

Gold Up Against Muted Dollar, Investors Await More U.S. Data
 

Related Articles

Oil Up Boosted by Key Markets, Ahead of OPEC+ Meeting
Oil Up Boosted by Key Markets, Ahead of OPEC+ Meeting By Investing.com - Jun 23, 2021

By Doris Yu Investing.com – Oil was up Wednesday morning in Asia as a strong economic rebound of key consumers boosted fuel demand and drained bloated inventories. Investors now...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Super broker killer
Super broker killer May 03, 2021 3:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
very truth
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email