Appetite for the precious metal waned after global equity markets moved higher, with investors turning to the riskier equity assets. European markets ended higher amid expectations of fresh stimulus from the
Nonetheless, the precious metal rallied in the wake of some soft economic news from the US, with sales of new single-family homes in July dropping to its lowest in four months. Meanwhile, German business sentiment also weakened for a fourth consecutive month in August, to its lowest level in a year.
Yellen, who said that rate hikes could come sooner than expected if the US economic recovery is sustained, also stated that improvement in labor market conditions has been overstated.
Also speaking at the Jackson Hole Symposium last Friday,
Gold for December delivery, the most actively traded contract, dipped
Gold for December delivery scaled an intraday high of
On Friday, gold futures snapped a five-day losing streak to end higher after Federal Reserve Chair
The dollar index, which tracks the US unit against six major currencies, traded at 82.52 on Monday, down from its previous close of 82.61 late Friday in North American trade. The dollar scaled a high of 82.59 intraday and a low of 82.45.
The euro trended higher against the dollar at
In economic news from the US, sales of new single-family homes in July dropped 2.4% from June to a seasonally adjusted annual rate of 412,000, the
It was the slowest pace of new home sales in four months, as demand was relatively weaker in all regions except the South. Economists expected a reading of 432,000. July sales were down 4.3% from a year earlier.
The Ifo business climate index dropped to 106.3 in August, the lowest since
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