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On Thursday, gold tumbled after the return of demand for risky assets. Market participants made up their mind that the recent exchange of imposing duties between the US and China can be regarded as a tactic for negotiating, while both countries will eventually come to a compromise.
June delivery gold futures dived 0.75% on the Comex exchange coming up with $ 1,330.0 per troy ounce.
On Wednesday, prices for the most popular precious commodity rose to a weekly high after China announced a fresh portion of duties on imports of goods from the United States in response to the plans of the Trump administration to introduce import duties on Chinese goods.
Fears that protectionist policies could end up with a full-scale trade conflict, led to a jump in demand for protective assets, such as gold for example.
However, tensions in international trade relieved after on Wednesday US economic adviser Lawrence Kadlow announced that duties on Chinese goods might not enter into force. He also said that there aren’t any trade clashes between the US and China.
The sentiments of market players also improved amid forecasts that the US could reach an agreement with Canada and Mexico on the issue of renegotiating the North American Free Trade Agreement.
The US dollar index, which displays the purchasing power of the evergreen buck to the trade-weighted basket of six major rivals, tacked on 0.18% showing 107.09.
The demand for gold is growing during geopolitical tensions or instability in the financial markets, and the surge of the evergreen buck makes the commodity traded in that currency more expensive for keepers of other currencies.
Investors shifted their attention to a new report on employment in the US as well as the speech of the head of the Fed, Jerome Powell, scheduled for Friday. Apparently, Powell's statements might affect the rate of the US currency.
On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…
On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…
On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…
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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