Gold shines over downbeat dollar

Gold shines over downbeat dollar

Gold shone on Monday in Asian trade as the dollar had a silent day for the first trading session of the month while investors await more U.S. economic data this week.

Gold futures edged up 0.36% to $1,774. The greenback, moving inversely proportional to the yellow metal, had silent gains on Monday.

U.S. consumer spending bounced back in March as Americans received additional COVID-19 relief money from the government. The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index, along with other economic data is greatly anticipated by investors as they are due for release this week.  

In Asia, the physical gold was sold at a lower price last week in India due to the rising coronavirus cases which led to stern restrictions and tuned investors away.

In other precious metals, silver steadied at $25.90 per ounce. platinum gained 0.3%. Palladium remained strong after surpassing $3,000per ounce due to supply shortage in the previous session.

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