empty
 
 

2020.09.0210:43:00UTC+00Gold Little Changed As Dollar Rebounds On Recovery Hopes

Gold prices edged lower on Wednesday as the dollar found some support from solid U.S. manufacturing data released overnight.

Spot gold slid 0.1 percent to $1,968.53 per ounce, after having hit as high as $1,991.91 on Tuesday, its highest since Aug. 19. U.S. gold futures were down 0.2 percent at $1,974.35.

On Tuesday, the Institute for Supply Management released a report showing manufacturing activity in the U.S. expanded at a faster rate in the month of August.

The ISM said its purchasing managers index rose to 56.0 in August from 54.2 in July. Economists had expected the index to inch up to 54.5.

Elsewhere, solid manufacturing PMIs this week from China and the euro zone also fueled optimism of a recovery from the coronavirus pandemic.

All eyes are now on the U.S. ADP jobs report due later in the day, with economists expecting the U.S. private sector to add 950K jobs in August vs. +167K last.

In addition, Cleveland Federal Reserve President Loretta Mester and NY Fed President John Williams are scheduled to speak later in the day.

Fed Governor Lael Brainard on Tuesday said the U.S. central bank would need to roll out more stimulus in the months ahead to fulfil its new promise of stronger job growth and higher inflation.

  • 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