Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Gold earns in Asia as NKorea latest missile launch rattles
On Tuesday, the number one precious commodity managed to rise in Asia after North Korea droved tensions in the region once again with another missile launch, which flew over Japanese territory.
December deliver gold futures rallied 0.58% in New York being worth $1,323.05 a troy ounce.
Early on Tuesday North Korea launched another missile from near Pyongyang. It flew over northern Japan, as the South Korean as well as Japanese governments reported. However, the Japanese military didn’t even try to shoot down that ballistic missile, which flew over Japanese territory.
The move by North Korea emerged because tensions had relieved between the United States and North Korea after weeks of threats.
Overnight, gold ascended above $1,300 because gold bugs kept cheering a speech by Fed Chair Janet Yellen who didn’t provide further details on monetary policy or balance sheet normalization, thus narrowing investor hopes for a rate lift later in 2017.
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The European Central Bank is holding a meeting on April 22 at 14:45 MT time. What to watch?
The Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time.