On Tuesday, Gold reached a four-week high as rising concerns about an economic slowdown increased demand for the safe-haven commodity amid a weaker dollar and a drop in U.S. Treasury rates. As of 00:44 GMT, spot Gold was up 0.4% at $1,778.69 per ounce, its highest level since July 5. American Gold futures increased by 0.2% to $1,791.10 per ounce.
As a result of the dollar’s 0.2 percent decline to close to a one-month low against its competitors, Gold priced in other currencies is now less costly for holders of other currencies. The potential cost of keeping non-interest bearing Gold has decreased as benchmark U.S. 10-year Treasury rates fell to a four-month low. According to data, the Institute for Supply Management’s index of national factory activity fell to 52.8 last month, its lowest level since June 2020, indicating that U.S. manufacturing output dropped less than anticipated in July.
Zhang Jun, China’s ambassador to the United Nations, claimed that Nancy Pelosi’s trip to Taiwan will harm ties between China and the United States. According to three sources, Pelosi was scheduled to visit Taiwan on Tuesday. Spot prices for silver, platinum, and palladium all decreased by 0.5 percent to $20.22 per ounce, 0.2 percent to $892.83, and 0.2 percent to $2,124.74 respectively.