Gold rises, investors wait for Investing.com, a provider of US economic data

Gina Lee

Investing.com-Gold rose in early Asian trading on Wednesday. Although boosted by the weakness, gold is still in a narrow range as investors wait for the latest US employment data.

As of 12:49 am Eastern Time (4:49 am GMT), the index rose 0.09% to $1,815.80. The U.S. dollar, which is usually the opposite of gold, fell slightly on Wednesday and was close to recent lows.

“Like the currency market, gold seems to be on the sidelines… The price trend of gold is still consolidating, but it is structurally positive. I think this heralds further gains in the future. Convergent 100-day and 200-day moving averages It indicates that a breakthrough is coming, and I believe that Friday’s US data will be a catalyst,” OANDA Asia Pacific Senior Market Analyst Jeffrey Halle told Reuters.

In terms of data, investors are waiting for July, and the expiration date later in the day.

The data was released before the latest US employment report released on Friday.

Fed Chairman Jerome Powell reiterated that as the Fed announced its policy decision in the past week, raising interest rates was “unexpected” and other Fed officials have also joined in.

Federal Reserve President Michel Bowman said on Tuesday that the labor market needs time to recover from the effects of COVID-19, and more work is needed to get the economy back on track. Bowman’s views have also been endorsed by San Francisco Fed President Mary Daley.

The Bank of England and the Reserve Bank of India will announce their policy decisions on Thursday and Friday, respectively.

In Asia, China’s July rate released earlier in the day was 54.9. This reading is higher than the 50.3 figure of the previous month.

On Tuesday, SPDR Gold Trust (P:) holdings fell 0.2% to 1,027.97 tons.

In other precious metals, silver rose 0.4% and platinum rose slightly by 0.1%. Palladium rose slightly by 0.2% to US$2,652.99 per ounce after hitting a one-week high of US$2,707.28 on the previous trading day.