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Gold hovers above $1,800 as early taper expectations cool

Gold hovers above $1,800 as early taper expectations cool

24 Aug 2021

Gold prices fell slightly on Tuesday, although they hovered above the key psychological level of $1,800 on expectations that the US Federal Reserve might delay cutting back its stimulus amid rising cases of the coronavirus variant.


Spot gold eased 0.2% to $1,801.78 per ounce by 0100 GMT, having jumped about 1.4% in the previous session.

US gold futures were little changed at $1,804.90.

The dollar index clawed higher after falling about 0.6% on Monday.

Data from IHS Markit showed US business activity growth slowed for a third straight month in August as capacity constraints, supply shortages and the rapidly spreading Delta variant weakened the momentum of the rebound from last year’s pandemic-induced recession.

Investors are now focused on Fed Chair Jerome Powell‘s speech at the annual Jackson Hole, Wyoming, symposium awaiting guidance on the US central bank’s taper plans.

Britain’s post-lockdown economic rebound slowed sharply in August as companies struggled with unprecedented shortages of staff and materials, though strong inflation pressures cooled a bit, a survey showed on Monday.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 1,006.66 tonnes on Monday from 1,011.61 tonnes on Friday.

Silver fell 0.5% to $23.54 per ounce, while

edged 0.3% higher to $1,015.92.

Palladium was steady at $2,401.13, having risen 5.5% in the previous session.