13 Sept 2021
Dollar Continues to Strengthen; Gold Remains Down
The Index Today
Gold was reported down on Monday morning in Asia, while the dollar continue to become stronger. Investors now is looking to the U.S. data for further hints on the U.S. Federal Reserve’s start of asset tapering.
Data from investing.com says that Gold futures inched down 0.10% to $1,790.35 by 12:39 PM ET (4:39 AM GMT), having recorded a weekly decline of 2.1%. The dollar, which moves inversely to gold, inched up higher on Monday.
Investors are waiting as well to the U.S. consumer price index data on Tuesday, after Friday’s data showed that the producer price index (PPI) for August grew 0.7% month-on-month and 8.3% year-on-year.
On the demand side, the physical gold demand in India was seen lower during the previous week despite a correction in bullion prices. Consumers in most other Asian hubs also remained quiet as they await a clearer trend in the global prices.
In addition to the report, the data from the U.S. Commodity Futures Trading Commission showed investors cut their net long positions in COMEX gold by 15,324 contracts to 83,540 in the week ended Sep. 7.
In other precious metals report, platinum eased 0.1% to $955.01 per ounce, its lowest level since November 2020. Palladium hit its lowest level since August 2020, but clawed back some of its losses to trade up 0.3%. Silver was flat at $23.72.