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Gold buoyed by Delta variant woes; U.S. inflation in focus

Category: Economy

Date: 2021-08-11T08:01:04+0000
Gold buoyed by Delta variant woes; U.S. inflation in focus

Shafaq News / Gold prices edged higher on Wednesday, as worries over a surge in cases of the Delta coronavirus variant outweighed pressure from a stronger dollar and bond yields, with investors awaiting U.S. inflation data due later in the day.

Spot gold was up 0.2% at $1,732.61 per ounce by 0454 GMT, while U.S. gold futures rose 0.1% to $1,733.90.

Risk sentiment in wider financial markets remained subdued, as coronavirus cases in several Asian countries continued to surge, threatening the economic outlook and driving some investors towards safe-haven assets.

But the dollar index held firm near a three-week high against its rivals, while U.S. Treasury yields hit their highest levels since mid-July.

Investors now eye the monthly U.S. personal consumption report due at 1230 GMT that could influence the Fed's timeline to taper monetary support.

Chicago Fed President Charles Evans on Tuesday said that the current inflation spike shouldn't push the central bank to tighten monetary policy prematurely, with more months of labour data needed before any changes.

Indications in recent days of an improving labour market has raised fears of a sooner-than-expected U.S. interest rate hike, sending gold prices to a four-month low on Monday.

"Gold's inability to recapture the $1,750 level means that the technical picture remains heavily negative, and it is vulnerable to further sell-offs," Jeffrey Halley, a senior market analyst, Asia Pacific at OANDA said in a note.

Source: Reuters

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