Gold was up on Monday morning in Asia, hitting a near two-week peak as the dollar weakened and offset bets that the U.S. Federal Reserve could begin asset tapering soon.
The dollar was down on Monday morning in Asia, but remained near the highs hit during the previous week, thanks to renewed concerns about China Evergrande Group’s (HK:3333) debt woes and the latest U.S. jobs report, due later in the week.
Asian shares dipped on Monday as concerns about China’s property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.
The S&P 500 rose sharply Friday, as positive results from Merck’s Covid-19 pill stoked investor optimism and triggered a sea of green on Wall Street following a sloppy September.
The dollar pushed higher in early European trade Friday, on course for its best week since June, as traders position for a tighter U.S. monetary policy in the near future.
U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel at 0153 GMT, though the contract remained on track to post its sixth consecutive week of gains.