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2020.08.3110:21:00UTC+00Gold Subdued Despite Weak Dollar

Gold prices were subdued on Monday despite a weak U.S. dollar, which was set for a fourth straight month of losses.

Spot gold edged down marginally to $1,963.99 per pounce, while U.S. gold futures were down 0.2 percent at $1,970.85.

The dollar came under pressure after Fed Chair Jerome Powell outlined an accommodative policy change last week, which could result in inflation moving slightly higher and interest rates staying lower for longer.

Prices climbed to their highest level in nearly two weeks earlier today in reaction to mixed economic data from China and Japan.

The manufacturing sector in China continued to expand in August, albeit at a slower pace, the latest survey from the National Bureau of Statistics revealed with a manufacturing PMI score of 51.0. That missed expectations for a reading of 51.2 and it's down from 51.1 in July.

Meanwhile, the non-manufacturing index came in with a score of 55.2 - beating forecasts for 55.0 and up from 54.2 in the previous month in a hopeful sign of reviving consumer demand.

Elsewhere, industrial output in Japan climbed a seasonally adjusted 8.0 percent on month in July, the Ministry of Economy, Trade and Industry (METI) said in a report today. That beat forecasts for a gain of 5.8 percent and was up from 1.9 percent in June.

The METI also said that the total value of retail sales in Japan was down a seasonally adjusted 3.3 percent on month in July. That missed forecasts for a gain of 3 percent and was down from 13.1 percent in June.



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