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·         Gold rose more than 1% on Friday after a survey showing that U.S. consumer sentiment dived in early August calmed investor concerns over an early tapering of the Federal Reserve’s asset purchases.

·         Spot gold rose 1.4% to $1,776.21 per ounce by 1:44 p.m. EDT (1744 GMT).

·         U.S. gold futures settled 1.5% up at $1,778.20.

 

·         The precious metal has recovered sharply after sliding to an over four-month low on Monday that was spurred by fears the Federal Reserve would begin cutting back economic support after a strong U.S. jobs report last week.

 

·         “The crash in gold was a little overdone and we’re beginning to see the reality that economic stimulus in the U.S. and worldwide is going to continue,” Jeffrey Sica, CEO of Circle Squared Alternative Investments.

 

·         In a sign of the potential economic impact of the fast-spreading Delta COVID-19 variant, the University of Michigan’s preliminary consumer sentiment index was at a decade low in early August.

 

·         The dollar and U.S. benchmark 10-year treasury yields also weakened after the survey, bolstering the appeal of gold, which is non yield-bearing and becomes cheaper for holders of other currencies when the dollar falls.

 

·         Providing further support to bullion was increased physical demand, particularly from top consumers India and China.

 

·         “The hope is that India’s demand recovery in particular is going to be a sustainable trend, keeping gold prices from breaking significantly lower,” said TD Securities commodity strategist Daniel Ghali.

 

·         Elsewhere, silver rose 2.4% to $23.72 per ounce.

 

·         Silver could move higher in step with gold, especially given supply constraints in the physical gold market, Circle Squared’s Sica added.

 

·         Platinum rose 1% to $1,028.65 and palladium was up 1.2% at $2,654.76.

 

·         TD’s Ghali also said there was a possibility of significant substitution of palladium with platinum in automobile exhaust systems to curb emissions, potentially boosting platinum demand from 2022.

 

·         SPDR GOLD HOLDINGS

·         U.S. consumer sentiment plummets in early August to decade low

 

·         U.S. 10-year Treasury yield falls below 1.3% as consumer confidence drops to 2011 levels

 

·         Dollar dented as consumer sentiment dives

The dollar index, which measures the greenback against a basket of six rivals, was 0.4% lower at 92.598, its lowest since Aug 6.

 

·         Bitcoin just jumped above $47,000 and could be on a straight path to $50,000, analysts say

Bitcoin rises 7.07% to $47,587.38

U.S. House Speaker Nancy Pelosi told lawmakers Sunday that she had asked a House committee to advance both a $1 trillion infrastructure plan and a $3.5 trillion spending package together, an apparent effort to patch up divisions that had threatened to stall President Joe Biden's legislative priorities.

The U.S. Senate approved both the infrastructure legislation and the outline of a separate plan loaded with investments in new domestic programs. But the combined price tag of the two measures created fissures between the progressive and moderate wings of the Democratic Party, which controls both chambers of Congress by narrow margins.

 

·         ECB's Lagarde not attending Jackson Hole conference of central bankers

European Central Bank President Christine Lagarde will not be attending the high-profile annual Jackson Hole conference of central bankers in late August, an ECB spokesperson said.

The Sunday Telegraph reported earlier that Bank of England Governor Andrew Bailey would also not be attending.

The newspaper cited a BoE spokesperson as saying that organisers were “focusing on a domestic invite list due to limited capacity”.

Speculation is mounting that Federal Reserve Chair Jerome Powell could signal it is ready to start easing monetary support in a speech to be delivered at the annual Jackson Hole conference of central bankers.

 

 

·         Analysis: Taliban gains give investors cause for concern beyond Afghanistan

 

·         U.S. moves Afghan embassy compound to the airport as Taliban insurgents arrive in Kabul

 

·         Pentagon OKs more troops for Kabul as U.S. embassy says airport security not stable

 

·         Blinken says remaining in Afghanistan is not in the U.S. national interest

 

·         As Taliban advances, China lays groundwork to accept an awkward reality

 

·         Malaysia Prime Minister Muhyiddin Yassin to resign on Monday, local media reports

Malaysian Prime Minister Muhyiddin Yassin will resign on Monday, news portal Malaysiakini reported, after losing his majority owing to infighting among the ruling coalition.

If confirmed, Muhyiddin’s resignation would end a tumultuous 17 months in office but also bring more uncertainty to Malaysia as the country grapples with surging Covid-19 cases and an economic downturn.

 

 

·         COVID-19 UPDATES:

 

·         Dr. Scott Gottlieb expects coronavirus to be an ‘endemic’ virus in U.S. after delta surge

Dr. Scott Gottlieb told CNBC on Friday he expects the coronavirus to become an endemic virus in the U.S. and other Western countries after the recent surge in delta variant infections calms down.