Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Up Over Weak Dollar, Mixed Chinese and Japanese Data

Published 08/31/2020, 12:43 AM
Updated 08/31/2020, 12:47 AM
© Reuters.

© Reuters.

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with investors turning to the safe-haven asset as the dollar weakened. China and Japan also released data conveying mixed signals about their economic recovery from COVID-19.

Gold futures were up 0.20% at $1978.85 by 12:43 AM ET (5:43 AM GMT), and the dollar inched down on Monday.

China released data earlier in the day showing a dip in the manufacturing Purchasers’ Managers Index (PMI) to 51 in August, missing the forecasted 51.2 prepared by Investing.com and lower than July’s PMI of 51.1. But the same data showed that August’s non-manufacturing PMI rose to 55.2, beating July’s reading of 54.2.

In Japan, industrial production increased by 8% month-on-month in July, against a forecasted growth of 5.8% and June’s 1.9% growth. But retail sales saw a 2.8% decrease year-on-year in the same month, but missing the forecasted decline of 1.7% but smaller than June’s 3.9% fall.

Meanwhile, the number of global COVID-19 cases continues its continuous increase. There are over 25.1 million cases globally as of August 31, according to Johns Hopkins University data.

Latest comments

Bullish
Bullish or bearish for gold?
Bull
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.