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The last world price of gold at 6:30 a.m. M.
Spot Gold Price Increased 0.05% to $ 1,970 / Ounce Kitco, December gold delivery fell 0.12% to $ 1,974, recorded today at 6:30 AM (Vietnam time).
According to the Reuters, on Tuesday (September 1), gold prices fell from a two-week high as the recovery in the USD and positive production data raised hopes for a US economic recovery.
At the close of the session on September 1, spot gold remained at $ 1,970 / ounce at 2:20 p.m. EDT, after reaching its highest level since August 19 at $ 1,991. The US gold futures contract mostly went to $ 1,978.
“Better-than-expected production pushes the dollar higher and that’s what makes gold fall,” said Bob Haberkorn, senior market strategist at RJO Futures.
The dollar is up 0.2% against major rivals, recovering from a two-year low in one day.
World gold price movements on the Kitco trading floor. (Source: Kitco).
Global stocks rose after US manufacturing activity accelerated to a nearly two-year high in August, according to data from the Institute for Supply Management (ISM).
Better data does not necessarily change the image of the United States Federal Reserve (Fed). However, the trend for gold is even higher, ”added Haberkorn.
The Bank of America announced last week its average inflation targeting policy, which will allow the exchange rate to remain low even if inflation rises in the future.
Gold is backed by rising inflation and a lower dollar, said Daniel Ghali, commodity strategist at TD Securities.
Bullion, which has risen around 30% so far in 2020, is seen as a hedge against inflation and currency devaluation, while lower interest rates reduce the opportunity cost of having unborn bullion. profit.
In the other precious metals market, silver prices rose 0.2% to $ 28 / ounce, after reaching the highest level since 8/11. Platinum was up 1.4% at $ 942 and palladium was up 1.5% at $ 2277.
