Gold Up Ahead of US Economic Data Release By Investing.com – Investing.com

Gold Up Ahead of US Economic Data Release By Investing.com – Investing.com

© Reuters.

By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia, as investors await U.S. economic data and a near three-week lows boosted the appeal of the safe-haven yellow metal.

The U.S. data, including and , will be released later in the day.

edged up 0.14% to $1,738.80 by 11:59 PM ET (3:59 AM GMT). The dollar, which usually moves inversely to gold, hovered near a three-week low on Thursday and U.S. bond yields levelled off following March's surge.

The U.S. economic recovery from COVID-19 accelerated into the spring thanks to rising consumer sentiment, the U.S. Federal Reserve said. Fed Chairman added that the country is on track for faster growth and hiring in the coming months.

Powell also re-affirmed the central bank's continued support for the economic recovery and said that a pullback in asset purchases would happen “well before” the central bank considers raising interest rates, at an Economic Club of Washington event on Wednesday.

Meanwhile, across the Atlantic, the eurozone economy is now relying on the “two crutches” of monetary and fiscal stimulus, which cannot be removed until the economy recovers completely, according to European Central Bank President Christine Lagarde.

On the COVID-19 vaccine front, the