Gold reached a three-week high in Asia on Wednesday morning during the previous session. The U.S. The weak dollar has encouraged the yellow metal as investors await minutes from the Federal Reserve’s recent policy meeting.
During the previous session, gold futures rose 0.25% to $ 1,798.60 from June 17.
The dollar, which normally moves against gold, fell on Wednesday but was close to a three-month high in the previous week. Benchmark 10 year U.S. Treasury yields also fell to their lowest level in more than four months.
The minutes of the June 2021 meeting of the central bank, which will be released later, is expected to provide some clues to the central bank’s monetary policy moving forward. They may also shed some light on the surprising humorous twist of the central bank in the policy decision issued after that meeting.
On the data front, the U.S. The Institute of Supply Management (ISM) Non-Product Purchasing Managers’ Index (BMI) was 60.1 in June, as labor and raw material shortages may have contributed to lower-than-expected numbers.
Across the Atlantic, data released on Tuesday showed that the German Gentrum for Euro beach Wirtshaftsfors (ZEW) economic sentiment index fell to 63.3, down from 75.2 in the market tracker and 79.8 figures for June.
Separately, German factory orders also fell short of forecasts, which fell 3.7% for the month of May against 1% of the forecasts made by Market Tracker and 1.2% for April.
Among other precious metals, silver fell 0.2%, palladium 0.5% and platinum 0.6%.
