According to the latest data, the US dollar has strengthened thanks to haven demand for Wall Street’s US dollar assets. However, a stronger USD didn’t help commodities. The Australian dollar
China’s imports of commodities decreased in August as the buying spree in copper and oil significantly reduced, and high prices for iron ore witnessed about 11% loss from July’s high.
On Monday, gold increases after dipping on a strong dollar. Spot Gold rose 0.20% at $1,937, while COMEX Gold Future was trading more than 0.55% at $1,944 per troy ounce.
Bullion prices are inclined to continue the weak trend in the rest of the week. Positive U.S. manufacturing data boosted the market’s optimism regarding global economic rebound and curbed demand