empty
 
 

2021.08.2410:27:00UTC+00Gold Holds Steady Near Three-week High

Gold prices were little changed on Tuesday as the dollar index struggled for direction amid improved risk appetite after U.S. authorities gave full approval for the Pfizer-BioNTech COVID vaccine.

Spot gold slid 0.1 percent to $1,804.05 per ounce, after having jumped 1.4 percent to near a three-week high in the previous session amid a broad retreat in the dollar. U.S. gold futures were virtually unchanged at $1,806.45 per ounce.

Speaking from the White House, U.S. President Biden called the approval a key milestone in the nation's fight against COVID. He stressed that inoculation saves lives and that those awaiting final FDA approval no longer have a reason to delay.

A call by China's central bank for more economic support and signs of falling COVID-19 infections in China and India also added to investor optimism over global growth.

Amid increasing COVID-19 headwinds, market participants have scaled down their expectations that Fed Chair Jerome Powell's speech at Jackson Hole this week will indicate a timeline for winding down the Fed's bond-buying program.

U.S. new home sales data for July will be featured in the New York session. Monday's flash PMI prints came in below estimates although they remain well into the expansionary territory.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback