6TH AUG 2021, MUMBAI:
According to a government source, India's gold imports more than quadrupled in July from the previous year as demand improved after states relaxed lockup restrictions.
Gold prices fell on Friday as the dollar maintained its gains ahead of the much-anticipated US employment report, while a rising number of Federal Reserve members hinted at a policy tightening sooner than expected.
By 0104 GMT, spot gold had dropped 0.1 percent to $1,802.05 per ounce. Gold futures in the United States fell 0.3 percent to $1,804.10. Gold became more costly for holders of other currencies as the dollar index rose 0.1 percent.
Given the development in the economy and strengthening labor market, Fed Governor Christopher Waller believes the central bank may be able to begin removing its accommodating monetary policy sooner than some think. Meanwhile, Minneapolis Fed President Neel Kashkari warned the Delta form of COVID-19 may "wrinkle" the labor market recovery and the Fed's asset-purchase program reduction schedule. COVID-related news is updated on a daily basis. In the United States, 19 cases have reached a six-month high, with more than 100,000 illnesses recorded throughout the country as the Delta strain devastated states with low vaccination rates.
Investors are now focusing on the United States' non-farm payrolls report, which is coming later in the day and is considered critical to the Federal Reserve's policy position. On Thursday, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported a drop in holdings to 1,027.61 tonnes. According to a government source, India's gold imports more than quadrupled in July from the previous year as demand improved after states relaxed lockup restrictions. According to Russia's finance ministry, the country produced 79.05 tonnes of gold in the first four months of 2021, down from 81.27 tonnes in the same period of 2020. Palladium remained unchanged at $2,649.45, while silver climbed 0.1 percent to $25.15 per ounce. Platinum fell to a seven-month low of $998 and was the last trading at $999.49, down 0.6 percent.
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