Gold was down on Thursday morning in Asia as investors await U.S. economic data to gauge inflationary pressures further. A strengthening dollar also put a dent in the yellow metal’s appeal.
Oil held above $73 a barrel as shrinking U.S. crude and fuel stockpiles added to bullish sentiment around the global demand recovery.
The dollar was up on Thursday morning in Asia as investors digested mixed signals from U.S. Federal Reserve officials regarding the timeline of stimulus measures changes.
The S&P 500 closed lower, while the Nasdaq notched a record high Wednesday as a surge in Tesla offset struggles in megacap tech amid an uptick in U.S. bond yields.
Asian shares marked time on Thursday, with China nudging lower, while the U.S. dollar held below an 11-week high as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction.
Gold was up on Wednesday morning in Asia after U.S. Federal Reserve Chairman Jerome Powell’s reassuring message that interest rates will not rise too quickly based only on the fear of coming inflation. However, a strengthening dollar curbed gains for the yellow metal.