Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold gives up Monday profits in Asia
On Tuesday, gold lost ground in Asia, giving up some profits from Monday, while Tokyo gold managed to stand out as the only gainer.
August delivery gold futures declined 0.13%, trading at $1,211.60%, thus giving up some revenues from yesterday. However, in Tokyo, the June 2018 contract tacked on 0.23%, hitting JPY4,442 per gram.
In the week ahead, market participants will pay attention to Fed Chair Janet Yellen's testimony on monetary policy and also American data on retail sales and inflation, due out on Friday. Additionally, on Thursday, they are going to monitor Chinese trade data. A hawkish outlook from the major US bank could send the number one precious metal further down to reach multi-month minimums.
The US dollar index, gauging the US dollar’s strength versus a trade-weighted basket of six crucial currencies, grew 0.08%, trading at 96.10.
As a matter of fact, the dollar and gold trade in opposite directions. Accordingly, when the greenback ascends, gold futures, denominated in the dollar, head south.
Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.
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EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!