Gold gains ground as dollar retreats

Economies.com
2020-09-22 05:15AM UTC

Gold futures tilted higher in Asian trade off August 12 lows as the dollar index backed off mid-August highs, ahead of US housing data and Fed Chair Powell's testimony before Congress. 

 

As of 06:06 GMT, gold futures due in December rose 0.13% to $1,920 an ounce, while the dollar index inched lower 0.03% to 93.53. 

 

From the US, the Richmond manufacturing index is expected down to 12 from 18 in August, while existing home sales are expected up 2.4%, slowing down from 24.7% in July. 

 

Fed Chair Jerome Powell will do the first part of his Congressional testimony tomorrow with the second part due on Thursday on the economic impact of the coronavirus pandemic. 

 

The US Federal Reserve held the interest rate between zero and 0.25%, and signaled that it plans to keep near zero at least until the end of 2023.

 

The central bank raised its estimates for the GDP in 2020, and lowered its forecasts for the unemployment rate to 7.6% due to the rapid recovery of the economy during this summer.

 

Federal Reserve Chairman Jerome Powell confirmed the bank’s ability to support the US economy to return to its growth path, adding that Fed remains committed to using full range of tools.

 

The World Health Organization warned the world to be ready for upcoming pandemics, asserting this one won't be the last, with the history teaching us pandemic are a part of human life and countries have to be fair readier for the next one. 

 

Officials at the WHO said life won't get back to normal for a long time to come, asserting the need to maintain social distancing, with investors assessing expectations the European countries will impose new restrictions on public life as infections surge. 

 

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