Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Gold ascends as greenback tumbles to 8-month minimums
On Thursday, gold ascended in European trade because the greenback extended its recent dip to the lowest value since October, spurring the appeal of the primary precious metal.
Gold futures reached at $1,252.69 a troy ounce in New York, adding 0.3%. On Wednesday, gold concluded higher, notching its fifth revenue for six sessions.
Additionally, silver futures tacked on approximately 0.7%, being worth $16.84 a troy ounce.
The US dollar fluctuated close to one-year lows versus the common currency and tumbled against the British pound because market participants priced in tighter monetary policy in the EU, reacting to hawkish comments made by major bank officials.
The British pound increased profits made after Bank of England Governor Mark Carney informed on Wednesday that Britain’s major financial institution would probably lift interest rates as the British economy approaches to operating at full capacity.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.