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Gold falls in Asia as greenback soars
On Tuesday, gold went down in Asia because market participants noted a stronger greenback, while less appetite for safe-haven plays put pressure on market sentiment. Additionally, physical demand in India for the holiday season didn’t manage to drive the futures market.
December delivery gold futures tumbled 0.58% in New York being worth $1,295.42 a troy ounce. As for copper futures, they sank 0.22% trading at 3.235 a pound.
Overnight, gold stood above $1300, shrugging off a leap in the greenback as well as treasury yields because safe-haven demand was still firm amid everlasting geopolitical uncertainty and worries over the pace of American interest rate lifts.
Everlasting tensions over Iran restricted downside momentum in gold, while worries over the tempo of interest rate lifts beyond the widely expected year-end December rate increase strengthened market sentiment on gold prices.
The previous week gold grew more than 2% after a data disclosed inflation missed hopes, thus lessening the Fed’s case to adopt rather an aggressive tightening stance on its monetary policy.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.