Update: Gold prolonged its recent strong rebound from the $1,687 area, or the lowest level since March touched earlier this month and gained traction for the fifth successive session on Tuesday.
The flight to safety, along with diminishing odds that the Fed will begin tapering its assets purchases continued exerting pressure on the US Treasury bond yields.
Previous update: Gold eases inside a choppy trading range around $1,790, down 0.10% intraday near $1,785 heading into Tuesday’s European session.
The US Dollar Index rises 0.10% intraday around 92.70, up for the second consecutive day, by the press time.
It should be noted that Yahoo News quotes the Scientific Advisory Group for Emergencies , the UK government’s advisory panel as saying, “A future new coronavirus variant capable of beating the protection given by current vaccines is ‘almost certain’ to emerge.” On the same line were chatters that the US covid cases will jump to the 200,000 levels, marked earlier in 2021, as well as New Zealand’s first COVID-19 case in Auckland.
Moving on, the US Retail Sales for July, expected -0.2% versus +0.6% prior, will be the key, followed by a speech from Fed Chair Jerome Powell at an online town hall event.
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Gold eases inside a choppy trading range around $1,790, down 0.10% intraday near $1,785 heading into Tuesday’s European session.
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