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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.
Britain’s economic and political issues along with a no-confidence vote on Prime Minister Theresa May following her unsuccessful Brexit deal vote gave gold traders a hope of getting back to maximums of above $1,300 an ounce…
On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank should suspend monetary policy tightening and traders looked ahead to a bunch of remarks from…
On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head of the US key financial institution is going to reaffirm a pause in the US monetary policy…
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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