Gold is underpinned by wavering US currency
On Monday, gold managed to surge due to the fact market participants questioned the greenback jump’s near-term durability…
Gold acts firmer on risk-off, while staying below $ 1230
On Thursday, gold kept the revival mode intact in New York for the third straight trading session. However, the struggle moved on with $ 1230 barrier notwithstanding widespread risk-aversion as well as a non-event FOMC minutes publication.
Gold managed to regain 200-DMA, showing $ 1225.42.
Strengthening geo-political tensions as for the North Korean missile launch, puts Russia and China against America that has already weighed down heavily on the traders’ sentiment, thus keeping the safe-haven bids for the primary precious metal underpinned.
Furthermore, gold also derived benefits overnight because the FOMC minutes actually lacked any hawkish bias. As a matter of fact the Fed officials’ views divided on when to launch the balance sheet normalization process and on a December rate lift. Additionally, the Fed officials also showed their deep concerns on softening inflation outlook.
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