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

Gold Up, Investors Await U.S Economic Data

CommoditiesAug 04, 2021 12:51AM 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 Wednesday morning in Asia. While receiving a boost from a weakening dollar, the yellow metal was stuck in a narrow range as investors await the latest U.S. jobs data.

Gold futures inched up 0.09% to $1,815.80 by 12:49 AM ET (4:49 AM GMT). The dollar, which usually moves inversely to gold, inched down on Wednesday and was near recent lows.

“Gold, like the currency markets, appears to be in wait-and-see mode... gold’s price action remains consolidative but structurally positive and I believe that points to further gains ahead. The converging 100- and 200-day moving averages suggest a breakout is coming and I believe Friday’s U.S. data will be a catalyst,” OANDA senior market analyst for Asia Pacific Jeffrey Halley told Reuters.

On the data front, investors await the ADP non-farm employment change for July, alongside the Markit composite manufacturing purchasing managers' index (PMI), the services PMI and the Institute of Supply Management (ISM) non-manufacturing PMI, due later in the day.

The data comes ahead of the latest U.S. jobs report, due on Friday.

With Fed Chairman Jerome Powell reiterating that interest rate hikes are “ways away” as the Fed handed down its policy decision during the past week, other Fed officials also chimed in.

The labor market would take time to heal from the effects of COVID-19 and more is needed to be done for the economy to get fully back on track, U.S. Federal Reserve Governor Michelle Bowman said on Tuesday. Bowman’s views were also echoed by San Francisco Fed President Mary Daly.

The Bank of England and Reserve Bank of India will hand down their policy decisions on Thursday and Friday respectively.

In Asia, China’s Caixin services purchasing managers’ index (PMI), released earlier in the day, was 54.9 in July. The reading was higher than the 50.3 figure from the previous month.

Holdings in SPDR Gold Trust (P:GLD) fell 0.2% to 1,027.97 tons on Tuesday.

In other precious metals, silver gained 0.4% and platinum inched up 0.1%. Palladium edged up 0.2% to $2,652.99 per ounce after hitting a one-week high of $2,707.28 during the previous session.

Gold Up, Investors Await U.S Economic Data
 

Related Articles

Oil up Modestly Ahead of U.S. Inventory Data
Oil up Modestly Ahead of U.S. Inventory Data By Investing.com - Sep 21, 2021

By Barani Krishnan Investing.com - Global oil markets put in a modest recovery on Tuesday after a 2% tumble in the previous session, as investors awaited U.S. inventory data that...

Oil edges up, as investors worry about global demand
Oil edges up, as investors worry about global demand By Reuters - Sep 21, 2021

By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by...

Add a Comment

Comment Guidelines

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.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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 (4)
Jokers R Us
Jokers R Us Aug 05, 2021 1:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Doesn't matter what the data says if the Fed shorts gold anyways
HIMANSHU ANAND
HIMANSHU ANAND Aug 05, 2021 12:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
gold will rise or fall. when can it hut 1900+ levels again
David Smith
David Smith Aug 05, 2021 10:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"1,027.97 tons" Gina Lee, I've seen you make this gold holding claim many times now but I still have yet to see you provide any verifiable evidence to support any of these claims. How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. There was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on any relevant bar lists. It was later discovered that this "GLD" bar was actually owned by ETF Securities.
David Smith
David Smith Aug 05, 2021 10:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Even on the subject of GLD's insurance, they are not straightforward about it. Their representatives will not confirm nor deny the existence of GLD's insurance. I recommend anyone curious about this to confirm via calling GLD's publicly listed number for general inquiries at 866 320 4053 and ask about this clause from the GLD prospectus: "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." Exactly how much of the fund is insured? They will not give you a straight answer and might even throw in some bizarre excuse which I've experienced. Why hide this information from investors?
AIM Investor Journal
AIM Investor Journal Aug 04, 2021 1:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
According to MUFG Bank, the updated policy guidance by the Fed at the FOMC points to tapering moving along a slower path, at odds with many other G10 central banks. The Fed will not rush to tighten policy, certainly not by September. They noted a looser for longer monetary stance is required in order to lift inflation expectations. “Add an expanding current account deficit [and lower yields] and you have the recipe for further USD depreciation ahead."
 
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