July 7, 2021

Want To Know The Direction Of Gold In The Asian Session? Read Here!

 Gold prices held around $ 1,800 an ounce in the Asian session ahead of the release of the FOMC meeting minutes report, having jumped to a three -week high in the previous session.

The fall in 10 -year US bond yields to its lowest level since February, has given gold trading a boost, as well as supported by less encouraging readings of US economic data.

Expansion in US services activity fell short of expectations by showing modest growth in June. This may be driven by a shortage of manpower and raw materials.

A weaker -than -expected reading has driven gold prices to a three -week high, at $ 1,815 an ounce, as soon as the data was published during the New York session.

However, due to the strengthening of the US dollar following the downturn in the US stock market, this precious metal trading was limited and returned to around $ 1,800 per ounce.

Market players are now awaiting the release of a meeting minutes report early Thursday morning, to get a clearer indication of when the Federal Reserve (Fed) will begin tightening its monetary policy.