Gold climbs from three-week trough, dollar off week high

Gold futures rose in Asian trade off July 23 for another session as the dollar index backed off August 3 highs, ahead of US data today while US talks on the Covid financial relief bill continue. 

As of 04:20 GMT, gold futures due in December rose 0.71% to $1,941 an ounce, while the dollar index inched down 0.10% to 93.28. 

From the US, unemployment claims for the week ending August 8 are expected down 66 thousand to 1.12 million, while continuing claims for the week ending August 1 are estimated down 209 thousand to 15.898 million. 

US import prices are expected up 0.6% in July, compared to a 1.4% increase in June, while the yearly version is expected to show a 1.7% decline. 

US President Donald Trump announced a $1.5 billion deal to buy 100 million doses of the Moderna Covid 19 vaccine. 

Russia has announced regulatory approval for a Covid 19 vaccine before full tests have been carried out, raising international alarm and doubts over its efficacy. 

The World Health Organization sounded the alarm as well and called for more studies for the vaccine. 

Otherwise, US and Chinese officials will be conducting talks on August 15 to review the first phase of the trade agreement and the next steps amid mounting tensions between both sides.