Gold rose on Tuesday as investors sought a hedge against economic uncertaintyat the time who took positions waiting for the inflation figures from the United Stateswhich will give clues about the trajectory of interest rates.
Spot gold rose 0.8% to $2,036.56 an ounce, while gold futures in the United States closed with a up 0.5% to $2,042.90.
Learn more – Follow the price of the blue, official, CCL and MEP dollar in Argentina
Equity markets fell due to the concern about the recovery of China’s domestic demand after weak foreign trade dataand the deadlock in which the debate on the debt ceiling in the United States finds itself.
“It was a day of risk aversion,” as markets await US Consumer Price Index data on Wednesday, said Phillip Streible, chief market strategist at Blue Line Futures.
A higher-than-expected CPI would bolster bets on rate hikes, but much weaker data could lead to “a big rise in commodities across the board and a bigger drop in the dollar.” said Phillip Streible, chief strategist at Blue Line Futures.
Although the ingot is considered a Inflation hedge, higher rates reduce the attractiveness of this non-interest-bearing asset.
The operators are also watching the evolution of the country’s banking sector and its debt ceiling.
In other precious metals, platinum rose 3.1% to $1,103.25 an ounce; palladium was up almost 1% at $1,569.02; and silver was up 0.4% at $25.66.
Source: Ambito
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