Gold down, hampered by strengthening dollar, investor risk appetite

22.07.2021 - Petr Mazaylo
Gold down, hampered by strengthening dollar, investor risk appetite

Gold dropped on Thursday morning in Asia, hovering near a one-week low. A recovering dollar and investors’ increased risk appetite both factored in lessening the safe-haven asset’s appeal to investors.

Gold futures dipped 0.20% to $1,799.00 by 1:21 AM ET (5:21 AM GMT) after dropping to its lowest level since July 12 in the last session. The dollar, typically moving inversely to gold, went up on Thursday to just shy of three-and-a-half-month highs.

Shares worldwide also reported gains as investors appear to have gotten over worries about new outbreaks of the coronavirus due to the Delta variant that might cause inflationary pressures.

Investors are now anticipating a European Central Bank (ECB) policy decision, a policy wherein the central bank is generally expected to retain its dovish stance and implement changes in its strategy for the first time. Bank Indonesia is also expected to hand down its policy decision within the day.

Going over to other precious metals, silver edged down 0.1%, while palladium climbed 0.4% and platinum held steady at $1,080.39.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?