Gold prices ticked up on Monday, supported by a muted dollar ahead of a series of U.S. data, while auto-catalyst metal palladium held firm after surpassing $3,000 per ounce on concerns over supply shortage in the previous session.
Spot gold was up 0.1 per cent at $1,770.66 per ounce by 0119 GMT, U.S. gold futures rose 0.2 per cent to $1,770.30 per ounce.
Palladium rose 0.3 per cent to $2,944.19 per ounce, after scaling all time high of $3,007.73 per ounce on Friday.
The dollar index was down 0.1 per cent against its rivals, making gold less expensive for other currency holders.
U.S. Treasury Secretary Janet Yellen on Sunday tamped down concerns that President Joe Biden s plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade.
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Dollar catches a bid in New York as upbeat U.S. data trigger broad-based usd buyingANALYSIS |
5/3/2021 1:54:57 AM GMT
The greenback snapped its recent losing streak and rallied broadly against its peers in New York session on Friday as release of upbeat U.S. economic data triggered short-covering.
Reuters reported U.S. consumer spending rebounded in March amid a surge in income as households received additional COVID-19 pandemic relief money from the government, building a strong foundation for a further acceleration in consumption in the second quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 4.2% last month after falling 1.0% in February, the Commerce Department said on Friday. Personal income jumped 21.1% after declining 7.0% in February. Economists polled by Reuters had forecast consumer spending increasing 4.1% and income surging 20.3%.
5/3/2021 12:47:00 AM GMT | By Anil Panchal
USD/JPY extends early Asian gains amid a lack of fresh catalysts.
Yellen’s push for Biden’s stimulus pleased risk-takers despite geopolitical challenges concerning China, North Korea and Iran.
Fed’s Kaplan wants to talk about tapering but gets mostly ignored.
US PMI figures, risk catalysts can entertain traders even as fewer moves are expected.
USD/JPY stays positive around 109.40 during Monday’s Asian session. Friday’s sustained run-up beyond 21-day SMA and the US dollar’s strength propels the quote to flash a three-day winning streak. However, Japan’s holiday and a light calendar elsewhere in Asia restrict the pair’s immediate moves.
Gold Prices Up Jolted By US Dollar Slip albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
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Gold futures are edging higher on Monday as the U.S. Dollar failed to hold onto earlier gains against a basket of major currencies. Slightly lower Treasury yields are also providing some support. Trader are also expressing caution against a slew of U.S. economic data and a speech by Fed Chair Powell later this afternoon. Bank holidays in Japan, China, Australia and New Zealand are likely weighing on the volatility and volume.
At 08:26 GMT, June Comex gold futures are trading $1774.90, up $7.20 or +0.41%.
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