Gold goes down In Asia ahead of India demand cues

Gold goes down In Asia ahead of India demand cues

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.

Similar

Gold slumps to 1-week minimum as greenback is still backed

On Wednesday, gold declined to one-week minimum because strength in the evergreen buck kept weighing, in spite of the fact caution ahead of the minutes of the Fed’s latest gathering along with uncertainty surrounding a huge American debt auction this…

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera