Business News Asia
Gold prices are up this morning amid a rising dollar and data shows that inflation continues to rise.
- Gold futures were up 0.12% at $1,786.00 per ounce. It remains below the $1,800 level after falling to a one-week low.
- Silver was down 0.11% at $23.922 an ounce.
- Platinum was up 0.7% at $1,036 per ounce.
- Palladium was down 0.52% at $2,077 an ounce.
Dollar, which usually moves against gold gained on Monday after reaching the highest level since October 13.
U.S. data published as inflation pressures
At 4.4% year-on-year, the price index for personal consumption expenditure continued to record an inflation rate not seen in 30 years.
The Federal Reserve will decide on its policy on Wednesday, the Reserve Bank of Australia on Tuesday, and the Bank of England on Thursday.
The Caixin Purchasing Managers’ Index (PMI) for China’s manufacturing sector was 50.6 PMI in October. The manufacturing and non-manufacturing sectors were at 49.2 and 52.4, respectively.
Meanwhile, physical gold in India was sold at a premium last week as the upcoming festival increases demand.