Gold eases in Asia

Gold eases in Asia

On Thursday, gold eased in Asia, though remained backed ahead of French surveys at the weekend and as the UK gets set to head to the surveys this summer highlights political risk.

In New York, June delivery gold futures lost 0.23%, trading at $1,280.50 a troy ounce. As for silver futures, they grew 0.10%, hitting $18.180 a troy ounce. Copper futures tumbled 0.16%, trading at $2.524.

On Thursday, Australian miner Rio Tinto cut its copper output objective because of a strike at the Escondida copper mine, Chile as well as the everlasting shutdown at the Grasberg mine in Indonesia during its first quarter output report, which also revealed that bad weather had weighed on output from its Western Australian iron ore operations as well as its bauxite business in Queensland.

Overnight, gold declined, as demand for the number one precious metal dipped, after the greenback bounced off session minimums notwithstanding ongoing geopolitical tensions over North Korea.

 

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