Gold Prices Up Jolted By US Dollar Slip

SourceAl Bawaba
SectorFinancial Markets
CountryMiddle east

 

Gold was up on Monday morning in Asia, with muted dollar giving the yellow metal a shine on the first trading day of May. Investors also await further U.S. economic data later in the week.

 

Gold futures were up 0.36% to $1,774 by 12:10 PM ET (4:10 AM GMT).

The dollar, which usually moves inversely to gold, inched up on Monday.

U.S. Treasury Secretary Janet Yellen on Sunday said the government spending into President Joe Biden’s plans for infrastructure, jobs and families will be phased in over a decade, thus allaying investor concerns over inflation.

U.S. consumer spending rebounded in March as households received additional COVID-19 relief money from the government. Investors now await more U.S. economic data, including the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index and April non-farm payrolls, during the week.

Meanwhile, Dallas Federal Reserve Bank President Robert Kaplan on Friday suggested reducing central bank support for the economy over concerns of imbalances in financial markets, compared to the...read more...