Gold Market
Gold extended its gains for a third straight session on Wednesday, supported by easing fears of a US rate hike and a weaker dollar. Investors now await the Federal Reserve’s policy minutes for further direction.
Gold prices edged higher in early Asian trading on Monday, supported by a softer dollar and diminished expectations of a US interest rate hike in September.
Gold moved toward $4,400 an ounce after weaker US consumer sentiment and retail sales figures lowered the perceived risk of immediate Federal Reserve interest rate hikes.
Gold prices held above $4,300 per ounce after cooling US producer price data reduced the likelihood of a near-term Federal Reserve interest rate rise.
The US dollar fell following a weaker-than-expected July payrolls report, leading investors to reduce expectations for Federal Reserve interest rate increases ahead of key inflation figures.
Gold rose over 2.3% on Friday to trade at $4,340 after US employment figures showed a contraction of 23,000 jobs in July, dampening expectations of Fed interest rate hikes.
A surprising contraction in July US non-farm payrolls has weakened the dollar and lowered expectations of a September Federal Reserve rate hike.