Bullion's appeal limited by a rally in equity markets
Pure gold ore is shown on the stone floor of a mine. Picture: 123RF/PHAWAT KHOMMAI
“There is lot of focus on Jackson Hole symposium and Powell’s speech. I think the markets are reluctant to commit to a direction until that happens,” said DailyFx currency strategist Ilya Spivak, adding that gold prices are closely tracking movements in the dollar. The central bank has rolled out a wave of fiscal and monetary stimulus measures and cut interest rates to near zero to combat the economic toll caused by the pandemic, helping gold climb nearly 28% this year.
The dollar index fell 0.1% against its rivals on Tuesday. Limiting gold’s appeal, Asian stock markets rose as investors cheered signs of progress in US-China trade negotiations and after a fresh Wall Street rally.
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