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On Thursday, gold sagged in holiday-thinned trade, although losses were capped by rumors that the major US bank might not tighten American policy as mawkishly as previously anticipated.
In New York gold futures slumped 0.2% being worth $1,290.13 a troy ounce. Trade volumes were believed to stay light on Thursday, with Comex floor trading unavailable for Thanksgiving. Another trading session was scheduled for Friday.
On Wednesday, the number one precious metal rallied 0.8% because the greenback dived to a four-week minimum after minutes from the Fed’s November gathering hinted that the major bank might not be as hawkish in lifting interest rates in 2018 as anticipated because of the sluggish inflation outlook.
It definitely raises the question of whether the key US financial institution will stick to three planned rate hikes next year or not.
As for other metals, silver futures went down 3% trading at $17.08 a troy ounce. Besides this, platinum decreased 0.4% being worth $936.55. Palladium decreased 0.3% trading at $998.62 an ounce. Copper futures inched down 0.4% hitting $3.127 a pound.
On Thursday, gold faced its most impressive daily dive for six months right after it had been reported that China and America were demonstrating huge progress in resolving their long lasting trade conflict…
On Wednesday, gold was nearly intact in Asia due to the fact that traders waited for the minutes of the US major bank’s January meeting…
On Tuesday, gold managed to rally because traders awaited the publication of the minutes from the recent Fed policy gathering with hopes for them to confirm the major financial institution’s dovish policy stance…
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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