Find out the main drivers for this week
Gold edges up in Asia on descending greenback
On Friday, gold tacked on in Asia because weaker greenback spurred physical demand in the market.
February delivery gold futures inched up 0.29% in New York being worth $1,331.10 a troy ounce.
The US dollar index headed south 0.04% trading at 90.27 because the US House of Representatives approved a stopgap funding bill for the authorities, although the Senate might be struggling to reach a deal.
Gold slumped from four-month maximums because American yields rallied abruptly after firm surge data from China and amid hopes that inflation would gather pace in the nearer future.
Yields on American 10-Year bonds hit a ten-month maximum amid sturdy China economic growth data as well as soaring hope4s for faster inflation growth that made gold rebound from four-month maximums.
Notwithstanding the bank’s warning, market participants are still bullish on the number one precious metal because the previous week’s data disclosed they stepped up their bullish bets on this commodity for the fourth-straight week.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.