YEREVAN, September 5. /ARKA/. On Tuesday, September 4, the cost of precious metals increased however reporting no definite trend at the gold market. The investors continued staying cautious ahead of the next ECB meeting, and the U.S. labor market statistics release.
The weak macroeconomic data from the overseas fostered precious assets’ growth enhancing hopes for new stimulus by the American regulator. Thus, the manufacturing PMI by ISM dropped to the lowest benchmark since 2009 to 49.6 in August versus 49.8 in July, whereas many experts expected the index to rise to 50.0.
Nevertheless, the cost of the precious metals fell as the market prices slashed in general due to the concerns around monetary-credit policy. As a result, gold price rised by 0.03% on Tuesday to 1,692.44 USD per troy ounce, and silver cost climbed by 0.22% to 32.18 USD per troy ounce.
On Wednesday during the Asian trading session, the precious metals’ cost moderately slipped depending on the currency rates dynamics. We think, the metals will be consolidated after volatility as the investors are waiting for commercial orientation, particularly from the ECB.
The cost of these assets will mainly depend on the macroeconomic data from the eurozone and the dynamics of the American currency. Of the news we should highlight the final data on the composite index for August, and the eurozone’s retail trade statistics for July. The expected weak data may pressure the quotes for the precious metals.
The anticipated fluctuation range for gold prices on Wednesday is 1,680.0 – 1,703.0 USD per troy ounce, and 31.68 – 32.55 USD per troy ounce for silver.
Mikael Verdyan, an analyst at FOREX CLUB, specially for ARKA news agency.
The opinion of the author does not necessarily reflect that of the agency. -0-
