Gold fell below $1,700
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 declines in Asia
On Tuesday, gold prices sank in Asia, as market participants mulled renewed demand prospects from China, reacting to data, which showed China's net-gold imports via major conduit Hong Kong soared 50.8% month-on-month in February.
In New York, April delivery gold futures dropped 0.19%, trading at $1,253.35 a troy ounce. Besides this, copper futures tumbled 0.15%, reaching $2.633 a pound because supply worries wane after strikes in the settlement the previous week of strikes at key mines in Chile and Indonesia.
Overnight, gold prices ascended, as market participants raised worries over President Trump’s ability to deliver on his pro-growth policies, right after on Friday the Trump administration didn’t manage to push a health care bill through congress.
Gold prices kept to session peaks, after a tumble in the greenback kept lending support to dollar-denominated gold, as market participants fled the so-called ‘Trumpflation trade’ amid concerns that the healthcare bill setback could affect Trump’s pro-growth policies being passed.
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