Written by Gina Lee
Investing.com – It was down in Tuesday morning trade in Asia but remained above the $1800 mark. As weakened and increased investors’ bets that the US Federal Reserve.
It also rose 0.52% to $1,824.25 by 12:19 AM ET (4:19 AM GMT), after hitting a two-and-a-half month high during the previous week on the back of a disappointing US jobs report.
The dollar regained its strength and rose by 0.26% in these moments, affecting gold and its decline. On the central bank front, the European Central Bank released its policy decision on Thursday. The Reserve Bank of Australia is due to release its policy decision later in the day, and the Bank of Canada will follow suit the next day.
Also, the US is likely to start shrinking assets after last Friday’s release showed that non-farm payrolls were weaker than expected. Investors will now see if any of the central banks making policy decisions throughout the week will begin to reduce their assets.
On the data front, Chinas trade data for August, which was released earlier today, was better than expected. Where exports grew by 25.6% year-on-year and imports grew by 33.1% year-on-year, while the trade balance amounted to $58.34 billion.
However, Japanese household spending grew less than expected in July, shrinking 0.9% m/m while expanding 0.7% y/y.
In India, gold imports in August nearly doubled year on year thanks to strong demand, and weak prices prompted jewelers to increase their purchases for the upcoming festive season, according to a government source.
In other precious metals news, it rose 0.4% to $24.76 an ounce and settled at $2410.52, while platinum was up 0.1%.
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