Concerns over China’s slowing economic growth support metal prices
Bengaluru — Gold prices gained on Tuesday, propped up by a sluggish dollar, with investors looking ahead to US non-farm payrolls data which could be the key to the US Federal Reserve’s stimulus-tapering decision.The dollar index slipped to a new two-week trough, extending declines after Fed chief Jerome Powell’s dovish remarks last week at the Jackson Hole symposium, where he gave no clear signal on the central bank’s tapering timeline.
“The momentum is strong for now. So probably gold will inch higher over next couple of days. But once the report finally arrives, it could be a game changer depending on how strong or weak the non-farm numbers are,” said OCBC Bank economist Howie Lee.The US non-farm payrolls report for August is due on Friday. The market is expecting an increase of 728,000 jobs, unemployment to fall to 5.2% from 5.4%, and average hourly earnings to rise 0.4% month-on-month.
Aiding support to bullion prices, concerns over China’s slowing economic growth and regulatory changes weighed on Asian stock markets.
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