Spot Gold Eases As Economic Recovery Hopes Boost Risk Appetite

Spot gold fell 0.2% to $1,806.30 by 0046 GMT, after rising to its highest level since September 2011 at $1,817.71. U.S. gold futures eased 0.1% to $1,818.40 per ounce.

Asian equities were expected to rise on hopes of a robust economic recovery as investors looked ahead to the earnings season. U.S markets rose on Wednesday, with the Nasdaq ending at a record high.

However, Federal Reserve officials on Wednesday suggested the U.S. recovery may be stalling, raising doubts about its durability.

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Global coronavirus cases clocked over 12 million on Wednesday, with more than half a million dead.

Gold is often used as a safe store of value during times of political and financial uncertainty.

Japan’s core machinery orders rose 1.7% in May from the previous month, versus a 5.4% drop forecast by economists in a Reuters poll. The core orders are regarded as an indicator of capital spending in the coming six to nine months.

Britain’s finance minister promised an additional $38 billion to head off an unemployment crisis.

SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.27% to 1,182.11 tonnes on Wednesday.

0930 China PPI YY, CPI YY June
2030 US Initial Jobless Claims Weekly

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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