empty
 
 

2020.07.0710:18:00UTC+00Gold Edges Lower As Dollar Regains Footing

Gold prices fell slightly on Tuesday as the dollar found some traction on the back of strong economic data released overnight and indications of a revival in China's economy.

Spot gold edged down half a percent to $1,775.86 per ounce, while U.S. gold futures were down 0.6 percent at $1,783.35.

Data showed U.S. service industry activity rebounded to almost pre-pandemic levels last month, as businesses took early steps to reopen following the easing of some of the lockdown restrictions.

But analysts warned those gains could be undone in July as a resurgence of cases in some states leads to another shutdown of businesses.

The United States is "still knee deep in the first wave" of the coronavirus outbreak, Anthony S. Fauci, the director of the National Institute of Allergy and Infectious Diseases, said as 16 U.S. states reported record increases in the new Covid-19 cases, in the first five days of July, according to a Reuters tally.

Florida is again closing its restaurants to indoor dining, gyms and other indoor venues just weeks after they reopened.

U.S. Federal Reserve official Raphael Bostic told the Financial Times in an interview that there are signs that the American recovery is "levelling off".

  • 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 $8000 more!
    In March we raffle $8000 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