Gold extends revenues on weaker greenback

Gold extends revenues on weaker greenback

On Tuesday, gold managed to extend revenues because the US currency slumped in the face of soaring uncertainty over potential American duties on aluminum and steel imports.

Gold futures soared 0.81% on the Comex exchange being worth $1,333.6 a troy ounce.

Market participants were still shy because Donald Trump found himself under soaring pressure to cancel his newly-imposed steel as well as aluminum tariffs.

The US President reacted by simply ramping up pressure on Canada and Mexico. Donald Trump stressed that he would have duties on steel imports removed if they agreed to sign a new variant of the North American Free Trade Agreement.

Disclosed the previous week, the duties had generated worries as for a potential trade clash, which would have a downbeat impact on the American economy.

Appreciating the greenback’s value versus a group of crucial currencies, the US dollar index headed 0.41% being worth 89.58, which is the lowest outcome since February 26.

Gold’s sensitivity to shifts in both American rates and the US currency has long been known. A weaker US currency makes gold more affordable for keepers of foreign currency.  On the contrary a jump in American rates steps up the opportunity cost of holding non-yielding stuff such as bullion.

Financial markets were jittery too amid worries over Sunday’s quite uncertain Italian election outcomes.

With no party grasping an outright majority, Italy will most probably jump with both feet into a period of political uncertainty that could affect progress on economic reforms in the euro zone’s number three economy.

In addition to this, on Tuesday, North Korea told that it was open to negotiations with the United States as for denuclearization and improving ties.

As for other precious commodities, silver futures rallied 1.33% on the Comex reaching $16.64 a troy ounce.





Gold goes down to 2019 minimum

On Monday, gold headed south to its lowest value of the year due to the fact that investor appetite for risk was still firm notwithstanding data disclosing that China's 2018 economic surge speeded down to a near three-decade minimum…

Gold approaches $1,300 once again

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…

Gold surges a bit

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…

Latest news

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Deposit with your local payment systems


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera