(mtag101702) Editor: Gina Lee
investing. com – Gold rallied in Asia on Wednesday, after hitting three-week highs in the previous session. living in decline dollar investors support the yellow metal Fed minutes pending.
Gold futures processes rose 0.25% to $1,798.60.
The dollar, which is mostly on the opposite side of gold, fell on Wednesday but remained close to the three-month high it saw in the previous session. The 10-year U.S. Treasury yield also fell to a four-month low.
The minutes of the Fed’s June meeting will be released today and are expected to offer clues on the central bank’s monetary policy plans. In addition, the Fed’s post-meeting in policy decision may also explain the surprise hawk return.
On the information front; Tuesday US Institute for Supply Management (ISM) non-manufacturing purchasing managers index (PMI) was shared. Labor and raw material shortages contributed to the lower-than-expected reading of 60.1 points for June.
Also on Tuesday, Germany’s Zentrum für Europäische Wirtschaftsforschung (ZEW) economic sentiment index was also shared and the reading dropped to 63.3 points. com’s expectations of 75.2 and 79.8 points in June.
on the other hand German factory orders also missed expectations. investing. Despite the 1% growth expectations prepared by com and the 1.2% growth in April, it shrank by 3.7% monthly in May.
Among other precious metals, silver fell 0.2%, while palladium lost 0.5% and platinum 0.6%.