Gold Down, Wait for Fed Taper Clues Continues By Investing.com
By Gina Lee
Investing.com – Gold was up on Thursday morning in Asia, with investors continuing their wait for clues on when the U.S. Federal Reserve will begin asset tapering.
After falling 0.6% Wednesday, which was the largest one-day drop in a week, gold prices fell 0.05% to $1.793.85 at 11:34 ET (3:34 GMT).
The Fed will hand down its latest policy decision next week, which could provide clues on the central bank’s timeline.
Isabel Schnabel, a member of the European Central Bank Executive Board said Wednesday across the Atlantic that global real interest rates were puzzlingly low and that investors might be underestimating the impact COVID-19’s Delta variant on the economy.
Many countries from Asia Pacific have released data. Japan was the first to release it. released earlier in the day showed that grew 26.2% year-on-year and grew 44.7% year-on-year in August. The was at a deficit of JPY635.4 billion ($5.8 billion).
Australia released jobs data that showed the contracted by 146,300, while the contracted by 68,000, in August. The was 4.5%.
In New Zealand, the GDP grew 2.8% and 17.4% in the second quarter.
SPDR Gold Trust (P) holdings decreased 0.2% to 998.46 t on Wednesday, down from 1000.21 t on Tuesday. Russia’s Ministry of Finance also said on Wednesday that the country produced 135.5 tonnes of gold in the first six months of 2021, down from 138.1 in the same period in 2020.
Silver was stable at $23.83 an ounce in other precious metals. The price of platinum rose 0.5% on Wednesday after it hit a record nine month low. Palladium rose 1.1%, to $2.025.52.
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