U.S. Sentiment Gains Gold Amid Concerns Over Virus

Gold has made a breakthrough as U.S. consumer sentiment declines and concerns over highly contagious Delta virus strain as a property demand.

The warning returns to global markets after Friday's data, with U.S. consumer sentiment at its lowest level in nearly a decade in early August as Americans become more concerned about the prospects for the economy, inflation and the recent wave of Covid-19 cases. New forms, such as deltas, are bringing flock immunity to impossibly high levels, while countries are struggling with vaccine dilemmas and supply problems.

Bullion has returned to some ground after sending better-than-expected data to the United States.
Investors will analyze the minutes of the Fed's latest meeting to get more clues about the possible timing of the tapping, as well as the speech by Chair Jerome Powell. U.S. retail sales figures Tuesday.

John Finney, business development manager for Guardian Gold Australia, a Sydney-based bullion dealer, said traders were likely to focus on U.S. retail sales numbers to measure the country's recovery power. "Gold also rose above last Monday's open levels ahead of the flash crash event, so we expect August to be an important medium-term level for the gold market."

Spot gold was little changed at $1,779.89 an ounce at 9:48 a.m. in Singapore after rising 1.5% on Friday. The Bloomberg Dollar Spot Index steadied after a 0.5% drop in the previous session. Silver was steady, while platinum and palladium declined. By (Bloomberg) 

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