Gold edges down in Asia

Gold edges down in Asia

On Wednesday, gold sagged moderately in Asia with no new support triggers in regional tensions on the Korean peninsula as well as caution ahead of tax plan details expected from America later in the day that when approved by Congress could potentially set the pace for interest rate lifts by the Fed this year.

June delivery gold futures lost 0.12% in New York, trading at $1,265.75 a troy ounce. As for copper futures, they sagged 0.35%, trading at $2.590 a pound.

Overnight, gold prices dipped notwithstanding a tumble in the greenback, as market participants kept favoring riskier assets for the second straight trading day.

Gold edged down to its lowest value in two-weeks because risk on sentiment kept dominating asset flows, after recent surveys pointed to an easy win for pro-EU nominee Emmanuel Macron in the runoff vote for the French presidency, which should take place on May 7.

The number one precious metal didn’t manage to capitalize on a broad based greenback selloff because the dollar index dipped for a second straight day weighed by a strong surge in the common currency.

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