Gold prices continued to climb on Wednesday morning session on a weaker dollar, with trading range between $1094.8 to $1098 per ounce.
Spot gold was last at $1,096.5/1,097.2 per ounce, up $1.8 from yesterday’s close as US dollar index declined 0.11 to 96.53.
Overnight, data were mixed in the US. S&P/CS composite-20 HPI rose 4.9 percent, below the 5.2 forecast. With conference board consumer confidence in June also disappoint at 90.9, a stark difference from the 100.1 estimate.
“While disappointing, strength in labour market conditions and the gradual improvement in the housing market suggest that consumer confidence is unlikely to weaken markedly from here,” said ANZ.
Positive news exists with the Richmond manufacturing index in July was 13, with consensus at 6. Flash services PMI in July was 55.2, scrapping above the 55.1 prediction.
In equities, key Asian stock indexes were mixed on Wednesday morning. CSI300 declined 0.2 percent to 3811.43 and was 9.07 percent lower month-on-month (MOM). Hang Seng Index climbed 0.62 percent to 24,503.94 while NIKKEI 225 nudged down 0.38 percent to 20,252.63.
Spot silver prices were last at $14.67/14.73 per ounce rose 0.03. In other metals, platinum was up $8 at $985/990. Palladium nudged up $7 to $624/629 per ounce.
Today was the second day of the two-day Federal Open Market Committee (FOMC) meeting. A rate hike is unlikely, but investors will suss out any information in regards to a possible September hike after an increasingly hawkish tone has emitted from the Federal Reserve.
In other data, market awaits UBS consumer indicator in Switzerland and month-on-month pending home sales figure as well as crude oil inventories in the US.
On the Shanghai Futures Exchange (SHFE), gold for December delivery was last at 221.65 yuan per gram, up 0.55 from yesterday’s close.
(Additional reporting by Dalton Barker)
The post Gold climbs on weaker dollar, markets awaits FOMC conclusion appeared first on The Bullion Desk.
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