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Gold gains in Asia ahead of publication of Fed minutes for June gathering
On Wednesday, gold grew ahead of the anticipated publication of Fed minutes from the June gathering expected to give greater insight into the chances for another rate lift in 2017.
Gold futures inched up 0.73% in New York, trading at $1,228.09 troy ounce.
The major precious metal bounced back after Tuesday’s steep dip amid increased geopolitical risk after North Korea told it had successfully tested an intercontinental ballistic missile.
Gold concluded the previous session down 1.47%, showing $1,224.34 an ounce, which is the largest one day percentage sag since June 15. It’s because a stronger greenback and revenues in American equities applied pressure. Monday’s positive American manufacturing data underpinned expectations for another rate lift by the Fed in 2017 and also helped the dollar index to drift away from Friday’s nine-month dip.
Trade volumes were about to stay thin with American markets closed on Tuesday due to the Independence Day holiday.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.