August 11, 2021
0
gold futures price Closed Tuesday (Aug 10), recovered $5.20 after falling heavily on Monday. While investors place orders for gold as a safe haven asset. Amid concerns about the spread of the COVID-19 virus
Comex gold contract Delivered in Dec. Up $5.20 to close at $1,731.70 an ounce.
Analysts stated that The price of gold needs to break above the $1750-1,760 level before it can move further.
The price of gold fell more than 2% on Monday. By being pressured by the appreciation of the dollar. Including concerns that strong US employment numbers may push the Federal Reserve (Fed) to start considering raising interest rates. and reduce the amount of the bond purchase project in accordance with the quantitative easing measures (QE).
Markets eyeing US inflation numbers this week. The US Department of Labor will release the Consumer Price Index (CPI), a measure of inflation for consumer spending, on Wednesday and the Producer Price Index (PPI), a measure of inflation based on spending. of the manufacturer on thursday
Investors expected the Fed to send more clear signals about the direction of interest rates. Including the trend of reducing the QE limit at the Fed’s annual meeting in Jackson Hole, Wyoming on Aug. 26-28.
.
