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On Friday, gold edged up in Asia because market participants digested rather an alarming report that North Korea was going to test a hydrogen bomb over the Pacific Ocean. Additionally, they closely watched a policy speech on Brexit.
December delivery gold futures rallied 0.36% being worth $1,299.48 a troy ounce.
Overnight, the precious commodity tumbled abruptly because investors kept unwinding their bullish bets on gold in the wake of the Fed’s policy statement that drove expectations of a year-end rate lift.
Gold declined to a more than four-week minimum because on Wednesday a bit hawkish Fed told that it would get down to unwinding its huge portfolio of bonds in October. Moreover, the bank stressed that a year-end rate lift was still appropriate.
Gold happens to be very sensitive to fluctuations in American interest rates. It’s because they raise the opportunity cost of holding non-yielding assets, including bullion.
On Thursday, gold faced its most impressive daily dive for six months right after it had been reported that China and America were demonstrating huge progress in resolving their long lasting trade conflict…
On Wednesday, gold was nearly intact in Asia due to the fact that traders waited for the minutes of the US major bank’s January meeting…
On Tuesday, gold managed to rally because traders awaited the publication of the minutes from the recent Fed policy gathering with hopes for them to confirm the major financial institution’s dovish policy stance…
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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