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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.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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