Gold goes down in Asia on mild profit-taking

Gold goes down in Asia on mild profit-taking

On Wednesday, gold declined in Asia in a bout of mild profit-taking because geopolitical tensions on the Korean peninsula appear off the boil currently, although market participants were cautious with elections ahead in the EU and with an eye on American monetary policy.

In New York, June delivery gold futures sagged 0.28%, trading at $1,290.50 a troy ounce. Besides this, silver futures hit $18.290 a troy ounce, soaring 0.10%, while copper surged 0.12%, being worth $2.533 a pound.

Overnight, gold grew, as market participants piled into safe haven assets amid ongoing uncertainty surrounding the outcome of the French Elections as well as growing geopolitical tensions in North Korea, Syria and Russia.

Gold prices revived from early session minimums, to trade close to five-month peaks, as the flight to safety trade resumed, when UK Prime Minister Theresa May disclosed plans to call an early election.

 

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