Gold fell in Asia on Thursday morning, hitting the US. As investors continue to digest the Federal Reserve from its latest policy meeting. The strengthening dollar and the lower U.S. Treasury yields and lower profits for the yellow metal.
Gold futures were down 0.30% at $ 1,796.65. The dollar, which normally moves against gold, rose to a three-month high on Thursday.
Benchmark U.S. The 10-year Treasury yield is at its lowest level since February 19th.
The minutes of the central bank’s June meeting indicate that the central bank is taking steps to expedite its asset purchases by 2021. Although federal officials saw significant improvement in the U.S. economic recovery, “it seemed generally unrealistic,” they agreed, requiring preparation if property tapping was needed sooner than expected.
A new upsurge in COVID-19 cases driven by the most severe delta variation has led consumers to “retreat” and the U.S. Atlanta Fed President Rafael Bostick warned that the recovery could be slow.
As of July 8, the number of COVID-19 deaths exceeded four million, according to Johns Hopkins University data.
The European Central Bank is expected to raise its share of the inflation target to 2% and allow for any additional spending required at the end of the 18-month strategic review.
SPDR Gold Trust (PGLT) lost 0.2% to 1,040.48 tonnes on Wednesday from 1,042.23 tonnes on Tuesday. In Australia, Perth Mint posted a blog post that gold sales in June fell to an eight-month low, but year-on-year rose, while silver sales were at a one-year high.
Among other precious metals, silver was down 0.2%, palladium was down 0.1% and platinum was down 0.4%.
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