The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Gold declines in Asia
On Friday, gold dived in Asia, with sentiment backed mostly by political risk as well as mixed views as for the pace of Fed rate lifts this year.
In New York, April delivery gold futures declined 0.13%, trading at $1,225.45 a troy ounce. Besides this, silver futures dipped 0.24%, trading at $17.288 a troy ounce, copper fell 0.11%, being worth $2.674 a pound.
Overnight, gold prices ascended steeply, amid a weakening greenback, as market participants mulled over the Fed’s more dovish than the expected statement on the pace of rate lifts in 2017.
On Wednesday, Fed Chief Janet Yellen told at the press conference that the Fed would keep providing an accommodative monetary policy to back the American economy, though warned against a prolonged period of lower rates just to avoid a situation which forces the major US bank to lift rates rapidly.
Meanwhile, a mixed batch of economic data had rather a muted effect on the number one precious metal as it kept trading close to near session peaks.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.