Gold shrugs off firm dollar and turns higher
Gold prices rose on Tuesday, despite the US dollar's rise against most of its peers and the recovery of the market's risk appetite.
Investors are anticipating major companies to report their quarterly results for the third quarter starting this week.
The International Monetary Fund lowered today its estimate for global GDP growth by 0.1% to 5.9% in 2021, and kept its forecast for 2022 at 4.9%.
The IMF also lower its forecast for US GDP in 2021 by 1% to 6% from a growth by 7% in its previous estimate.
The dollar index rose against a basket of major currencies by 0.2% to 94.5 points as of 18:13 GMT, after hitting a high of 94.5 points and a low of 94.2 points.
Gold spot prices rose 0.3% to $1,760.3 an ounce as of 18:14 GMT, with a day high at $1,770.7, and a low at $1,750.5
Dollar rises near one-week high
The US dollar rose against most of its peers on Tuesday, despite the release of negative expectations by the International Monetary Fund.
The International Monetary Fund lowered today its estimate for global GDP growth by 0.1% to 5.9% in 2021, and kept its forecast for 2022 at 4.9%.
The IMF also lower its forecast for US GDP in 2021 by 1% to 6% from a growth by 7% in its previous estimate.
The greenback dollar has been lifted recently by growing signs of a rise in inflation in several major economies after the recent jump in commodity and metal prices.
The dollar index rose against a basket of major currencies by 0.2% to 94.5 points as of 17:33 GMT, after hitting a high of 94.5 points and a low of 94.2 points.
Brent pares early gains, turns lower
Oil were mixed on Tuesday, as US crude trimmed gains, while Brent headed lower after its multi-session rally.
The International Monetary Fund lowered today its estimate for global GDP growth by 0.1% to 5.9% in 2021, and kept its forecast for 2022 at 4.9%.
Analysts expect oil to come under pressure in the next few months, as the economist Nouriel Roubini projected Brent to exceed the $100 barrier in the coming months.
The dollar index rose against a basket of major currencies by 0.2% to 94.5 points as of 17:23 GMT, after hitting a high of 94.5 points and a low of 94.2 points.
As of 17:20 GMT, WTI crude November futures rose 0.1% to $80.6 a barrel.
Brent December futures fell 0.3% to $83.3 a barrel.
US stocks hold after the IMF report
US stock indices held on Tuesday, weighed down by the IMF's negative forecasts about the global economy.
The International Monetary Fund lowered today its estimate for global GDP growth by 0.1% to 5.9% in 2021, and kept its forecast for 2022 at 4.9%.
The IMF also lower its forecast for US GDP in 2021 by 1% to 6% from a growth by 7% in its previous estimate.
Oil, natural gas, and many commodities and metals prices soared this year, thanks to the global recovery from the coronavirus pandemic, which led to a rise in the inflation in major economies, led by the US.
As for stocks, Dow Jones fell less than 0.1% or 1 points to 34,495 as of 14:16 GMT, and S&P 500 fell less than 0.1% or 4 point to 4,352, while Nasdaq fell 0.1% or 25 points to 14,458.