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Gold rises as central banks regain appetite to buy gold with

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By Doris Yu – Gold rose Monday morning in Asia after some central banks began increasing their gold holdings. Investors are also waiting for more economic data from the US for more clues on the central bank’s monetary policy.

increased 0.24% to $ 1,787.55 at 10:39 pm ET (2:39 am GMT).

On the demand side, central banks, including Serbia, Thailand and Ghana, are increasing their gold holdings due to signs of accelerating inflation.

“In the long term, gold is the most important guardian and guarantor of protection against inflationary and other risks,” said the National Bank of Serbia.

In the US, data released on Friday said the increase by 850,000 in June thanks to higher wages and more incentives. It surpassed the 700,000 figure in the forecasts produced by News Block.

Investors are now turning to other economic data and the next move by the US Federal Reserve for more clues on the US economic recovery from COVID-19 amid concerns about lingering inflation.

In Asia, the world’s third-largest economy, Japan’s service sector activity contracted for the 17th consecutive month in June as COVID-19 affected demand at home and abroad.

Meanwhile, data released earlier in the day said China in June was 50.3.

Gold in India sold at a premium for the first time the week before in more than two months. Demand increased after the second-largest consumer of gold eased its COVID-19 restrictions slightly.

In other precious metals, silver was down 0.2%, palladium was up 0.3% while platinum was down 0.3%.

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