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Gold dips on renewed NKorea tensions
On Monday, gold declines because market participants drifted away from risky trades on North Korea tensions, although copper staged revenues because housing data from China demonstrated ongoing revenues for prices albeit at a slower tempo than the previous month.
December delivery gold futures went down 19% in New York being worth $1,322,62 a troy ounce. As for copper futures, they rallied 0.81% hitting 2.976 a pound.
China posted August’s house prices data tacked on 8.3% versus a 9.7% jump observed in July.
The previous week, gold went down as investors shrugged off a leap in geopolitical uncertainty that emerged after North Korea dared to launch another ballistic missile over Japan on Friday, while driving hopes that the major US bank will raise rates later in 2017 kept the precious commodity on track for a weekly loss.
Just a day after data demonstrating inflation inched up to its highest value for seven months powered expectations of a December rate lift, gold was still on track to snap three-week gaining streak.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!