Gold mixed on risk moves, Russia adds to gold reserves

24 August 2009  FX Street

Precious metals consolidated Thursday as US economic data again gave mixed signals while investors were looking to see if Chinese stocks had halted their bearish slide. Modest improvements in risk appetite saw the dollar lose ground with the DXY closing down 0.2%. Thursday’s upbeat Philly Fed report bolstered US equities as the Dow gained 0.8% and the S&P 1.1% while jitters have resurfaced in Asian markets overnight on reports China is considering tightening capital requirements for banks. Currently the Nikkei is down 1.7% and HSI 1.6% although the China CSI300 is currently up 0.5%. NYMEX crude closed little changed following Wednesday surge. September futures finished up 12-cents at $72.54. The CRB Index closed down 1.1%. Economic data focuses on the Eurozone and includes French and German Manufacturing & Service PMI.

Data from the US will show Existing Home Sales however speeches from Ben Bernanke as well as the annual Jackson Hole Symposium could lend direction.

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