Business News Asia
Gold futures closed down for a fourth straight day on Monday (Aug. 1), supported by the dollar’s depreciation and buying pressure on gold as a safe haven after the U.S. released weak economic data.
- The gold futures were up $5.9, or 0.33%, to close at $1,787.7 per ounce.
- Silver futures were up 16.5 cents, or 0.82%, at $20.362 an ounce.
- The platinum contract was up $11.8, or 1.33%, at $901.6 per ounce.
- The palladium futures were up $69.70, or 3.1%, at $2,99.40 an ounce.
Gold contracts closed in positive territory. After the dollar index fell 0.43% to 105.4500. The weakening of the dollar made gold contracts cheaper for investors holding other currencies.
After the release of weak economic data from the U.S., investors are also buying gold as a safe haven. The Institute for Supply Management (ISM) reported that its manufacturing index fell to 52.8 in July, the lowest level in two years. The manufacturing index was hit by a decline in new orders for the second consecutive month and a drop in employment for the third consecutive month.
The U.S. Commerce Department reported that construction spending fell 1.1% month-over-month in June after rising 0.1% in May.
Investors are waiting for the U.S. Bureau of Labor Statistics to release nonfarm payrolls and unemployment figures for July on Friday.
The Spot Market is Open
Tuesday, August 2, 2022