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4 Oct 2021

Gold Rises to Two-Weak Peak; Dollar Weakens

Gold Rises to Two-Weak Peak; Dollar Weakens

The Index Today

Gold went up in Asian markets on Monday after seeing a two-week rise along with a weak dollar and growing fears of Fed asset tapering. Gold futures climbed up 0.15% to $1,761 whereas the dollar went down to its lowest level since September 29.

The Fed meeting will decide on inflation rates and whether or not raising interest rates will occur soon. Patrick Harker President at Philadelphia Fed Bank said it may take over a year or more before the central bank opts for an interest rate hike.

Investors around the world are awaiting central policy decisions from Reserve Bank of Australia, Reserve Bank of New Zealand and India. SPDR Gold Trust saw its holdings fall 0.4% to 986.54 tons whereas the U.S Commodity Futures Trading Commission data revealed showed a cut of net long positions by 19,471 contracts to 42,123 this week.