The RBA will make a rate statement on August 4 at 7:30 MT time.
Gold demonstrates fresh one-month maximum
Information is not investment advice
On Wednesday, gold managed to surge to its highest value for a month because traders kept focusing on worries of a probable meltdown in America.
On the Comex exchange, the yellow metal surged by 0.1% trading at $1,322.95 a troy ounce, having hit $1,325.15, an outcome, which hasn’t been observed since February 28.
Besides this, spot gold hit $1,317.15 an ounce, soaring by 0.1%.
For the last time, American bond markets have indicated an American downtime might be approaching, with the American 10-year Treasury gain slumping below that of the three-month bill for the first time since 2007 the previous week.
It showed up against the backdrop of the publication of dismal economic data from America and around the globe and a downgraded American economic outlook from the major US bank.
Market participants are very cautious on Treasury gain curve inversion that had frequently proven as an early indication for a meltdown, as some financial analysts pointed out.
Uncertainties around Brexit are also backing the yellow metal’s safe-haven appeal, experts explained.
Additionally, a series of votes on Brexit enabling Britain’s legislative body to offer alternatives to UK Prime Minister Theresa May's withdrawal deal is due later in the day.
As for other metals, silver futures headed south by 0.3% concluding the trading session at $15.47 a troy ounce. Besides this, platinum futures managed to tack on by 0.4% coming up with an outcome of $869.10 an ounce.
In addition to this, palladium slumped by about 1.8% being worth $1,487.95 per ounce.
The evergreen buck managed to tack on versus the safe-haven yen. The currency pair USD/JPY headed south by about 0.3% demonstrating a reading of 110.31.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!