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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.
On Monday, gold was nearly intact having reported three-straight winning weeks, as market participants prepared for Friday’s reports on American third-quarter surge, while monetary policy decisions this week from the ECB and Bank of Canada are going to…
On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…
On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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