Gold in Asia rose to a two-week high on Tuesday morning. A weaker dollar gave a boost to the yellow metal, and the US. Investors are waiting for the Federal Reserve to release minutes from its latest policy meeting.
Gold futures rose 0.80% to $ 1,797.65 on Friday, June 18. The dollar, which normally moves against gold, was down on Tuesday morning after reaching a three-month high the previous weekend.
U.S. markets closed Monday for the holiday.
Investors are focusing on the minutes of the central bank’s June meeting on Wednesday for further clues about the central bank’s surprisingly bad position in the policy decision issued after that meeting. They are awaiting the policy decision of the Reserve Bank of Australia, which will be released later.
On the data front, Japan’s household spending rose 11.6% year-on-year in May, higher than the 10.9% growth forecast by Market Tracker, but lower than 13% growth in April. It shrank by 2.1% per month.
In Europe, the Market Mixed Purchasing Managers’ Index (BMI) for June was 59.5, and the services BMI was 58.3. Both PMIs were higher than expected, with businesses in the region expanding the fastest in 15 years.
Across the Atlantic, U.S. Institute of Supply Management (ISM) Non-Manufacturing BMI for June.
Global stocks hit record highs on Monday, according to European data and the latest U.S. data released on Friday. Elevated by work report. However, there are concerns about the delta variation of COVID-19.
Meanwhile, China’s Postal Savings Bank has closed new openings for trading in the precious metals market due to price volatility and high trade risks.
Among other precious metals, silver was down 0.1%, palladium was up 0.3% and platinum was up 0.5%.
