Gold fell to a two-month low on Wednesday morning for Asia.
Gold futures were down 0.26% at $ 1,758.95 since Tuesday, April 15.
Gold fell 7.5% in June, still feeling the effects of a surprisingly bad policy decision issued by the central bank earlier this month. However, it increased by 3.3% in the second quarter of 2021.
“Gold is less integrated from the central bank’s strategic shift in monetary policy, and it is waiting for U.S. economic data for further guidance,” DailyFX currency strategist Ilya Spivak told Reuters.
“Non-farm pay data will be the main impetus for the market in recent times. If it shows higher wage inflation and strong job growth, we will look at the next level in gold,” Spivak added in the US Employment Report for June on Friday.
Meanwhile, investors digested the comments of Federal Governor Christopher Waller on Tuesday. Waller was “very optimistic” about the economy and predicted that the central bank would begin raising interest rates by 2022.
On the technical side, the inability to break the 100-day moving average of gold is a rough sign that prompts exchange-traded fund investors who have been patient so far to join the sell-off.
Among other precious metals, platinum is up 0.3% but is set for its biggest monthly and quarterly fall since March 2020. Silver rose 0.3%, confirming Palladium 0.5, for the fourth quarter in a row.
