China’s central bank adds more Gold in August – ING

FXStreet Insights Team FXStreet

China’s central bank continued to add Gold to its reserves for a tenth straight month in August, ING's commodity experts Ewa Manthey and Warren Patterson note.

Global central banks have slowed their Gold purchases

"The People’s Bank of China added 60,000 troy ounces (about 1.9 tonnes) of Gold to its reserves, taking the total to 74.02 million troy ounces (around 2,302.3 tonnes). China has purchased a total of 1.22m troy ounces (about 38 tonnes) since restarting its purchases in November 2024, as the People's Bank of China continues to boost its Gold reserves amid geopolitical uncertainties."

"Global central banks have slowed their Gold purchases as prices have hit record highs, but ongoing geopolitical tensions are expected to sustain demand, according to the World Gold Council. Gold has rallied to fresh record highs in recent days, climbing above $3,600/oz amid bets on US rate cuts and concerns over the Federal Reserve's independence."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.