Gold goes down on soaring greenback
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
Gold edges down on stronger greenback
On Friday, gold moved lower because the week’s positive American data kept boosting optimism over the strength of the US economy and to back demand for the American currency.
In New York, April delivery gold futures tumbled 0.24%, being worth $1,242.10, the lowest outcome since March 21.
The April contract concluded Thursday’s session 0.69% lower, reaching $1,245.00 an ounce.
Futures were likely to gain support at $1,226.40, the minimum of March 21 and resistance at $1,253,60, which is Thursday’s peak.
The US dollar remained backed by a flurry of sturdy American data this week, including Thursday’s data on fourth quarter GDP as well as initial jobless claims.
The US dollar index, normally tracking the American currency’s value against a trade-weighted basket of six crucial currencies, stood still at 100.36, off a two-and-a-half week peak of 100.47 reached overnight.
A strong greenback has always weighed on gold. It’s because it dampens gold’s appeal as an alternative asset, simultaneously making dollar-priced commodities less affordable for holders of other currencies.
Similar
Gold inches down amid inflation worries
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Gold inches down
On Tuesday, the yellow metal declined, while the evergreen buck managed to rally a bit ahead of the American midterm elections, as market experts guess a Republican win would have the American dollar underpinned, while hurting commodities…
Latest news
Forex today: easing geopolitical tensions
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
Common currency ascends ahead of euro zone data
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…
Greenback edges down
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…
Deposit with your local payment systems
