📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Gold Up Over Softer Dollar, Investors Await Latest Fed Meeting Minutes

Published 07/07/2021, 12:41 AM
Updated 07/07/2021, 12:45 AM
© Reuters.
XAU/USD
-
DX
-
GC
-
GLD
-

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia after hitting a three-week high during the previous session. A weakening dollar also gave the yellow metal a boost as investors await the minutes from the U.S. Federal Reserve’s latest policy meeting.

Gold futures were up 0.25% to $1,798.60 by 12:41 AM ET (4:41 AM GMT) after climbing to their highest level since Jun. 17 during the previous session.

The dollar, which usually moves inversely to gold, inched down on Wednesday but remained near the three-month high hit during the previous week. Benchmark 10-year U.S. Treasury yields also fell to their lowest level in more than four months.

The minutes from the Fed’s June 2021 meeting, due to be released later in the day, are expected to provide some clues to the central bank’s monetary policy moving forward. They could also shed some light on the Fed’s surprise hawkish turn in the policy decision handed down after that meeting.

On the data front, the U.S. Institute of Supply Management (ISM) non-manufacturing purchasing managers index (PMI) released on Tuesday came in at 60.1 for June, as labor and raw material shortages likely contributed to the lower-than-expected figure.

Across the Atlantic, data also released on Tuesday said the German Zentrum für Europäische Wirtschaftsforschung (ZEW) economic sentiment index fell sharply to 63.3, below the 75.2 in forecasts prepared by Investing.com and June’s 79.8 figure.

Separately, German factory orders also missed forecasts, contracting 3.7% month-on-month in May against the 1% growth in forecasts prepared by Investing.com and April’s 1.2% growth.

In other precious metals, silver eased 0.2%, while palladium fell 0.5% and platinum slipped 0.6%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.