The Magazine for Asian Investors
The gold price made a weak start today after it still reached a new two-month high on Friday. Friday’s move followed after the U.S. Labor Department reported weak labor market numbers for August. There are fears that the weak numbers could be the first indication of a slowdown in economic growth. This could lead the Fed to further postpone its tapering of bond purchases planned for this year.
Gold prices are $1823.30 in the evening in Asia at 9:30 PM (GMT+7), having reached $1,833.80/ounce, the highest since June 16.
The U.S. Dollar Index has meshed in the same direction as the gold price today. Normally, the dollar index moves in the opposite direction of the gold price. This morning, however, the dollar rose slightly after hitting its lowest level since August 4.
Meanwhile, this week in the EU and Australia the course is set for future monetary policy. The EU and Australia have been struggling with lockdown measures in many countries until recently. But many countries, such as Denmark, are now planning to lift all Corona measures. Great Britain, which is not a member of the EU, had already started earlier with the lifting.
Other precious metals:
Silver was steady at $24.69/ounce, having gained 3.4% in the previous session.
Platinum fell 0.6%.
Palladium was up 0.2%.
The Spot Market is Open