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Gold inches up as weaker greenback spurs physical interest in India and China
On Tuesday, gold gained in Asia trade, with a weaker greenback generating physical buying interest in the world's leading importers, China and India, ahead of China trade data.
In New York, December delivery gold futures rallied 0.11% being worth $1,266.03 a troy ounce.
In July, China’s exports are expected to ascend 10.9% year-on-year, compared to an 11.3% profit in June. As for China’s imports, they’re supposed to soar 16.6%, versus a 17.2% leap in the previous month.
Overnight, gold traded moderately above breakeven, drifting away from session minimums after the greenback came under pressure reacting to comments from a key Federal Reserve official.
Gold kept paring losses, following Friday’s tumble on the back of sturdy nonfarm payrolls data suggesting the American economy could endure further rate lifts, while St. Louis Fed President James Bullard told that low interest rates will suit the key US bank over the near term.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.