Update: Gold price is consolidating Monday’s negative momentum, trading below $1780 amid renewed US dollar demand, as risk-off mood prevails so far this Tuesday.
For instance, Australia’s most populous city, Sydney, went into lockdown and Indonesia is also battling record-high cases.
With that being said, last week’s news of optimism about a bipartisan US infrastructure agreement helped risk appetite and marginally dented the US dollar, giving precious metals a lift.
Some analysts doubt that the NFP print will set off any fireworks unless the headline is closer to the 1 million marks.
It’s worth noting that the Fed policymakers’ rejection of the reflation fears fails to restore the market’s confidence, as US data contrasts the arguments, adding extra downside pressure on the sentiment.
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The UK registers the highest covid cases since January 30 but hopes of unlock on July 19 remain solid.
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