© Reuters. By Gina Lee
Investing.com – Gold was down in Asia on Monday morning, continuing a second consecutive week of loss.
were down 0.36% to $ 1,940 by 12:25 AM ET (5:25 AM GMT). Shares, which are normally reversing to gold, rose in Asia on Monday. Meanwhile, the dollar was flat Monday.
The yellow metal was boosted Friday by a stronger dollar in addition to very positive US data. The data included the 5.86 million reading for July, and both the and, which remained above the 50-mark indicating expansion, beat forecasts prepared by Investing.com.
But investors withdrew from safe haven assets after hopes were raised on Sunday for a new COVID-19 treatment. The U.S. Food and Drug Administration (FDA) said it had given “approval for emergency use” for a new potential treatment that uses blood plasma from patients who have recovered from the virus to treat COVID-19.
Meanwhile, investors will be looking for US Federal President Jerome Powell’s speech at the Jackson Hole symposium, due to open on Thursday, for further indications on the perspective of US monetary policy. The evaluation of the Fed’s monetary policy framework, focused on a new inflation strategy, is widely expected in Powell’s speech following the release of the minutes from the last Fed meeting in the previous week disappointed investors.
Fusion Media or anyone involved with Fusion Media will not be liable for any loss or damage resulting from reliance on the information, including data, quotes, charts and buy / sell signals on this website. Please be fully informed about the risks and costs associated with trading the financial markets, it is one of the risky forms of investment.
