Gold was up on Monday morning in Asia, with the dollar remaining near multi-month highs. However, continuing concerns about the spread of COVID-19 globally and its impact on the economic recovery turned investors towards the yellow metal.
Gold futures were up 0.28% to $1,788.95 by 12:26 AM ET (4:26 AM GMT). The dollar, which normally moves inversely to gold, was down on Monday but remained near a nine-and-a-half-month high hit during the previous week.
Investors are now looking to the U.S. Federal Reserve’s Jackson Hole symposium, due to take place between Aug. 26 and Aug. 28, for clues on the central bank’s timeline for asset tapering and interest
Ahead of the symposium, Dallas Fed President Robert Kaplan, who is among the Fed officials most supportive of beginning asset tapering soon, said that he might need to adjust that support should the spread of COVID-19’s Delta variant impact the economic recovery.
PayPal Holdings Inc (NASDAQ:PYPL) will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday.
The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.
With over 403 million active accounts globally, the San Jose, California-based company is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.
PayPal launched cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.
The company hoped its foray into the new asset class would encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.
The dollar was down on Monday morning in Asia but remained near its highest level in more than nine months. Commodity currencies like the Australian dollar remained near multi-month lows over persistent concerns about how the continuing spread of COVID-19 globally could impact economic recovery.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged down 0.17% to 93.352 by 10:27 PM ET (2:27 AM GMT).
The USD/JPY pair inched up 0.02% to 109.82.
The AUD/USD pair gained 0.40% to 0.7163 and the NZD/USD pair was up 0.34% to 0.6848.
The USD/CNY pair edged down 0.15% to 6.4911 while the GBP/USD pair edged up 0.19% to 1.3647.
The continuous surge in COVID-19 will see the U.S. Federal Reserve conduct its annual Jackson Hole symposium online beginning Aug. 26.
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