Gold down but remains above $1,800 mark
Gold dropped on Tuesday in Asia but hovered above the $1,800 level. Hopes are also being kindled that the US Federal Reserve could prolong its planned asset tapering due to the continually rising numbers of COVID-19 cases.
Gold futures plummeted 0.17% to $1,803.25 by 12:12 AM ET (4:12 AM GMT) after making about 1.4% gains during the previous session. The dollar, typically moving inversely to gold, climbed up on Tuesday after dipping around 0.6% the previous day.
The latest data from the US economy on Monday was mixed, with existing home sales at a higher-than-expected 5.99 million in July. However, August’s manufacturing purchasing manager’s index (PMI), Markit composite PMI, and services PMI were 61.2, 55.4, and 55.2, respectively.
Meanwhile, SPDR Gold Trust holdings inched down 0.5% to 1,006.66 tons on Monday, from Friday’s 1,011.61 tons.
In other precious metals, silver took a 0.5% loss, while palladium crept up 0.3%. Palladium remained flat at $2,401.13 after rising 5.5% during the last session.