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Gold hovers near 2-week high on softer dollar, Fed minutes awaited

Gold hovers near 2-week high on softer dollar, Fed minutes awaited

06 Jul 2021

Gold prices were hovering close to a two-week high on Tuesday, helped by a subdued dollar, while investors awaited minutes from the US Federal Reserve‘s June policy meeting for more clarity on monetary policy going forward.

Spot gold was steady at $1,792.34 per ounce by 0055 GMT, after hitting its highest since June 18 at $1,794.86 on Friday.

Most US markets were closed on Monday for the Independence Day holiday.

US gold futures rose 0.5% to $1,792.

The dollar was little changed at 92.235 after dropping from a three-month high at the end of last week, hurt by the weaker details of the US payrolls report.

A weaker greenback makes gold less expensive for holders of other currencies.

Focus this week is on minutes from the Fed’s latest meeting – due on Wednesday- after a hawkish tilt from the US central bank surprised markets last month.

Japan’s household spending rose at a double-digit rate in May as consumers bought cars and mobile phones, though the pace of growth slowed from the prior month as a new wave of COVID-19 infections weighed on consumer confidence.

Euro zone businesses expanded activity at the fastest rate in 15 years in June as the easing of more coronavirus restrictions brought life back to the bloc’s dominant service industry, a survey showed.

World stocks stayed close to record highs on Monday as investors weighed surging European business activity and a welcome US jobs report against worries about the highly transmissible

variant of COVID-19.

The Postal Savings Bank of China said it suspended new openings for accounts to trade in the spot precious metals market, citing price fluctuations and elevated trading risks.

Silver edged 0.1% lower to $26.44 per ounce, palladium gained 0.3% to $2,820.70 and platinum climbed 0.5% to $1,102.56.