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Comex Gold Ticks Up as Dollar Eases from 1– week High

7 Sep 2020 7:37 am
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Mumbai (Commodities Control) – Gold prices edged higher on Monday as the dollar slipped, with weak economic data out of the United States at the end of last week raising fears over the global economic recovery from the COVID-19 slump.

Spot gold was up 0.2% at $1,935.53 per ounce by 0045 GMT, after falling to a one-week low of $1,916.24 on Friday. U.S. gold futures rose 0.4% to $1,941.10.

U.S. employment growth slowed further in August and permanent job losses increased as money from the government started running out, raising doubts on the sustainability of the economy's recovery from the deep COVID-19 recession.

There are reports of more than 26.97 million cases of the novel coronavirus globally and 879,675​ people have died.

U.S. Treasury Secretary Steven Mnuchin said on Sunday a deal between the White House and Congress would fund the federal government through the beginning of December and that details of the spending bill should be finalised by week's end.

The dollar index was off from a one-week high hit in the previous session.

Asian shares started Monday on the backfoot as investors grapple with sky-high valuations against a dour economic backdrop with the coronavirus pandemic driving world economies into a long and deep recession.

Speculators raised their bullish positions in COMEX gold and silver contracts in the week to Sept. 1, the U.S. Commodity Futures Trading Commission said on Friday.

Retail demand for physical gold picked up slightly in India last week on a dip in domestic prices and a festival, but top bullion hubs across Asia saw muted activity.

(Commodities Control Bureau)

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