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Gold Down, but Remains Above $1,800 Mark Over Fed Taper Delay Expectations By biedexmarkets.com

Gold Down, but Remains Above $1,800 Mark Over Fed Taper Delay Expectations

© Reuters.

By Gina Lee

biedexmarkets.com – Gold was down on Tuesday morning in Asia, but remained above the $1,800 level. Hopes are also growing that the could delay its planned asset tapering thanks to the continuing spread of COVID-19.

edged down 0.17% to $1,803.25 by 12:12 AM ET (4:12 AM GMT) after rising about 1.4% during the previous session. The , which normally moves inversely to gold, inched up on Tuesday after falling about 0.6% the day before.

The latest U.S. economic data released on Monday was mixed, with at a higher-than-expected 5.99 million in July. However, August’s , and were 61.2, 55.4, and 55.2 respectively.

Further economic data to be released include the for the second quarter on Thursday and the , alongside personal and data, following on Friday.

Meanwhile, investors now look to the Fed’s annual Jackson Hole symposium, due to take place from Aug. 26 to Aug. 28. The central bank is widely expected to provide clues for its next steps regarding asset tapering and interest rate hikes.

The will also hand down its policy decision on Thursday.

SPDR Gold Trust (P:) said its holdings fell 0.5% to 1,006.66 tons on Monday, from 1,011.61 tons on Friday.

In other precious metals, silver fell 0.5% while platinum was up 0.3%. Palladium was steady at $2,401.13, after climbing 5.5% during the previous session.