Gold Down, Near One-Week Low Over Strengthening Dollar, Increasing Risk Appetite By Investing.com – Investing.com

SourceInvesting.com
SectorFinancial Markets
CountryMiddle east

© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia, remaining close to a one-week low. A strengthening and increasing risk appetite as concerns over surging COVID-19 cases abated, both decreasing the yellow metal’s appeal to investors.

edged down 0.20% to $1,799.80 by 1:21 AM ET (5:21 AM GMT) after hitting its lowest level since Jul.

12 during the previous session. The dollar, which usually moves inversely to gold, inched up on Thursday to just below three-and-a-half-month highs.

also reported gains as investors seemingly moved past concerns about the rising numbers of COVID-19 cases involving the Delta variant and inflationary pressures.

“Gold prices are under pressure because the dollar is now hovering around highest in three months and Wall Street rebounded for the second day meaning that traders are shrugging off COVID-19 concerns and back to reflation trade,” DailyFX strategist Margaret Yang told Reuters.

Investors now await a later in the day, where the central bank...read more...