8 Nov 2021
Gold up with Retreating Dollar
The Index Today
On Monday morning in Asia, Gold was up as the dollar retreated, hitting a two month high. Gold futures slid up 0.18% to $1,820.10 by 11:36 PM ET. The yellow metal stayed above the $1,800 level after recording its highest level since 7th September. As the dollar moves inversely to gold, it went slightly lower on Monday.
The Friday’s U.S Jobs report showed an increase of non-farm payrolls by 531,000, pointing towards a declining unemployment rate. The U.S also passed a trillion dollar infrastructure bill on the same day to help boost the economy. However, inflation and wage pressures will be under scrutiny to see the full effects of the Fed goals.
Chinese trade data released on Sunday showed a 27.1% increase in exports year-on-year for the month. On the other hand, imports went up 20.6% with a trade balance of $84.54 billion. Gold had a huge demand in India with the ongoing festival season. Silver edged up 0.3% and platinum rose by 0.2%.