Gold rises in Asian session amid recovery uncertainty
The lack of new stimulus from the Federal Reserve and worrying employment data in the US have generated unease in the market and have been noted in the price of traditional safe-haven assets:
- Gold futures rose in the Asian session early in the morning, 0.51% to $1,960.15,
- However, Gold recorded losses in the US session
- The yen has also registered rises in its cross with the dollar, up to a maximum of seven weeks
There is some concern in the market this week after Fed Chairman Jerome Powell said that the path to recovery remains uncertain, as the coronavirus pandemic remains unchecked, with little more than a month left to the presidential election.
Another cause for concern is the unemployment data for the United States, which has improved only a little. The Department of Labor reported yesterday that weekly applications for unemployment benefits in the US fell to 860,000 last week from 893,000 the previous week, a very small drop considering that until mid-August these numbers were decreasing at a very high rate.
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