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 earns in Asia ahead of China PMIs
On Tuesday, gold managed to earn in Asia cautious trade because market participants waited for new China data clues for the global metals complex.
Gold futures acquired 0.14%, trading at $1,269.91 a troy ounce. Additionally, copper futures dropped 0.43%, being worth $2.558 as traders were cautious, with Hong Kong and Chinese markets unavailable as well as PMI data from the Mainland expected to demonstrate a sag on Wednesday.
Overnight, the number one precious metal stood still, clinging to a four-week peak in North American hours, Monday, with holidays in China, America and Britain.
Traders are looking ahead to this week's American employment data on Friday for further clues as for the Fed’s rate lift trajectory through the end of 2017.
Aside from the monthly jobs data, this week's holiday-shortened calendar also offers American data on manufacturing and service sector surge, car sales, consumer confidence, core PCE inflation, personal spending and also monthly trade figures.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.