Gold benefits as weak US data takes the wind out of the dollar’s sails
The metal’s gains over the past 24 hours ‘were a follow-up on the jobs report from the US on Friday’, says DailyFX strategist Ilya Spivak
Gold prices rose on Tuesday, trading close to the more than one-week high touched in the previous session, as the dollar eased after weak US economic data. Spot gold rose 0.2% to $1,299.59/oz at 3.54am GMT, after touching its highest since March 28 at $1,303.61 in the previous session. US gold futures were up 0.1% to $1,303.30/oz. “The US dollar is subdued and data shows that there is continued buying from central banks,” ANZ analyst Daniel Hynes said. China, the world’s biggest gold consumer, raised its gold reserves by 0.6% to 60.62-million ounces by end-March, the country's central bank data showed. Turkey also raised its gold holdings in March, according to data from the International Monetary Fund. The dollar sagged after weak US economic data, making gold cheaper for investors holding other currencies. It posted its biggest daily percentage decline since March 20 in the previous session. Orders for US-made goods fell modestly in February and the manufacturing sector is slowing...
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