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Gold goes down in Asia as Trump's Afghanistan initiative keeps troops in place
On Tuesday, gold sank in Asia after Donald Trump dared to offer a strategy for keeping US troops in Afghanistan after 16 years, although pledging a tougher as well as more pragmatic approach to backing the government in Kabul and also working with partners, including Pakistan.
In New York, December delivery gold futures tumbled 0.17% being worth $1,294.51 a troy ounce.
On Monday, the precious commodity traded close to session maximums in the wake of ongoing dollar weakness, reacting to ascending fears over geopolitical tensions in North Korea due to the US and South Korean military exercises.
On Sunday, Pyongyang stressed that the annual US-South Korea military drills turn to be dangerous behavior bringing the situation into the uncontrollable stage of a nuclear war conflict.
The ascend in geopolitical tensions in the Korean Peninsula arose amid turmoil in Washington because market participants kept doubting whether the new political controversies absorbing Donald Trump will postpone the introduction of his pro-surge economic agenda or not.
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.