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On Thursday, gold tumbled in Asia, with demand cues sought from the approaching festival season in India, which might provoke a spurt in buying.
December delivery gold futures tumbled 0.14% trading $1,326.10 a troy ounce in New York.
Overnight, gold went down for a third day in a row, suppressed by a steep ascend in the greenback as traders kept fleeing safe-haven assets amid a dip in geopolitical uncertainty.
Gold prices were still on track for their longest losing streak in more than month because appetite for safe-haven investments kept fading, backing a move higher in both the greenback and treasury yields.
Dollar-denominated assets, including gold happen to be sensitive to moves in the US currency - a stronger greenback makes gold less affordable for holders of foreign currency, therefore reducing demand.
Some experts viewed gold’s recent decline as transitory and stressed that lower prices would attract traders, backing a revival in the key precious commodity.
What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Sudden spikes? Yes, please! Gold is above $1,800, finally!
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
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