The most liquid gold contract closed on Monday, 30, returning part of the gains seen on Friday after a speech by the chairman of the Federal Reserve (Fed, the US central bank), Jerome Powell, at the Jackson Symposium Hole. Investors are now awaiting new data from the US economy that may calibrate the prospects for the “tapering”, as the process of withdrawal of stimulus by the US BC is known.
Gold scheduled for December delivery retreated 0.40% to $1,812.20 a troy ounce on Comex, the metals division of the New York Mercantile Exchange (Nymex).
At first, following Powell’s speech, gold advanced more than 1%, as Commerzbank points out, boosted by a devalued dollar and a retreat in Treasuries yields.
According to the German bank, the movement occurred because the speech was more dovish than expected, especially when compared to other speeches by directors about “tapering”. In turn, in the current session, the impulses reduced, and gold ended up reversing part of the gains.
For Commerzbank, the Fed will likely want to wait for more data showing the effects of the current wave of the pandemic, caused especially by the delta variant of the coronavirus, to move through the “tapering”. The labor market reports, with the ADP on Wednesday, and the payroll on Friday, are important for the week, the analysis points out.
In addition to the US indicators, Commerzbank also highlights the publication of the consumer price index (CPI) for the euro zone on Tuesday, when it is “likely that the inflation rate has visibly increased further in August, which should benefit gold as a store of value”, in the assessment of the German bank.
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