Gold prices were up on Tuesday morning session as the US dollar were under pressure – the yellow metal still struggled to achieve the psychological $1,100 per ounce level.
Spot gold was last at $1,094.1/1,094.9 per ounce, up $0.7 from yesterday’s close – US dollar index was last at 96.63.
Overnight, the Dow Jones industrial average and S&P were last down 0.7 percent and 0.5 percent respectively, with the dollar 1.1 percent softer at $1.1102 against the euro.
“Imports of gold into China from Hong Kong ran at 829 koz on a gross basis in June, according to the latest Hong Kong customs data, the lowest since June 2011. This supports our thesis that physical gold demand in China is cooling due to lower jewellery offtake amid the economic slowdown and recent stock market rout,” said Mitsubishi.
In equities, key Asian stock indexes were down on Tuesday morning. CSI300 have collapsed below 4,000, a 4.41 percent decline to 3,650.62. It was 15.81 percent lower month-on-month (MOM). Hang Seng Index declined 0.38 percent to 24,259.96 while NIKKEI 225 nudged down 1.23 percent to 20,100.4.
Spot silver prices were last at $14.58/14.63 per ounce rose 0.06. In other metals, platinum was up $1 at $978/983. Palladium nudged up $5 to $614/619 per ounce.
Today awaits UK’s gross domestic product figure, conference board consumer confidence data and flash purchasing manager index figure in the US.
The market will closely follow the Federal Open Market Committee (FOMC) meeting on Wednesday as there are growing consensus that the Fed will increase interest rates this year.
On the Shanghai Futures Exchange (SHFE), gold for December delivery was last at 221.1 yuan per gram.
The post Gold prices up on weaker dollar, all eyes on Federal Reserve’s FOMC meeting appeared first on The Bullion Desk.
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