Written by Gina Lee
Investing.com – It was down in Thursday morning trade in Asia, remaining near two-week lows. The strengthening of index futures also contributed to the losses for the yellow metal, while investors are also awaiting the latest policy decision of the European Central Bank.
It was also down 0.21% to $1,789.75 by 12:18 AM ET (4:18 AM GMT) after reaching $1,781.30, its lowest level since August 26, during the previous session. While the dollar, which usually moves in reverse with gold, rose on Thursday.
The European Central Bank will do so later in the day, when it is expected to begin scaling back assets while keeping support steady in the following years.
Meanwhile, the Bank of Canada kept its interest rate steady at 0.25% after it released its policy decision on Wednesday. Investors’ focus is now on whether the assets are within the year after the disappointing release during the previous week. The ever-increasing number of daily COVID-19 cases and deaths in the country remains a concern.
In the Asia Pacific region, Chinese inflation data released earlier today said the CPI grew 0.1% mom and 0.8% y/y in August. While the producer price index grew by 9.5% year-on-year.
Meanwhile, the World Platinum Investment Council on Thursday expects the global platinum market to be in surplus this year with oversupply of mines and lower investment demand.
In other precious metals news, platinum was down 0.4% and silver was down 0.1%. It fell 0.2 percent to $2245.89, after reaching $2213.95, its lowest level since Wednesday, February 2.
Read| You should be careful and trade carefully during this period:
Update at 15:30 Riyadh time
It was issued moments ago and recorded 310 thousand, and the estimate was 335 thousand, and these numbers are positive.
The US unemployment data is an important indicator of the state of economic recovery, and it is issued weekly and used by investors to get acquainted with the state of the US economy and the strength of companies during this period.
The market is guarded by indicators of the state of the labor market, because Federal Reserve Chairman Jerome Powell depends on the state of the labor market in measuring economic recovery, and making his decision with regard to reducing bond purchases.
It is noteworthy that the European Central Bank today announced the beginning of tightening and announced that it will reduce the volume of PEPP bond purchases during the next quarter, in an attempt to control the inflation rate. At the same time, members of the US Federal Reserve, most notably Kaplan and Bostick, come out to demand the need to start reducing purchases to control inflation.
While Kaplan said that the bad employment data does not accurately reflect the state of the labor market, as he believes that there are many job opportunities available, but some are not satisfied with them, which affects the employment data and makes it negative.
At these moments, it is recorded at $1,796.82 an ounce, while it is recording at $1,797.3 an ounce.
It records at $69.08 a barrel, down 48.4%, while its price is set at $72.3 a barrel, down by 0.4%.
It stands at $92.51 against a basket of foreign currencies, down 0.15%.
Update at 15:45 Riyadh time
Gold is now at 1791.54 losing some of its gains and retreating to a 0.13% increase.
While it recorded 24,168, an increase of 0.44%.
The US dollar index recorded 92.53, down by 0.14%.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.