Gold goes down in Asia on stronger greenback

Gold goes down in Asia on stronger greenback

On Friday, gold dropped in Asia because the US currency demonstrated continued gains, while demand for safe-haven assets is currently on the wane.

December delivery gold futures dived 0.11% getting to $1,268.18 per troy ounce.

Overnight, the primary precious commodity sank after the greenback hit three-month maximums following a dive in the common currency because the ECB pared its bond purchases, simultaneously extending its monetary stimulus program for nine-months.

In spite of the fact the given move was widely anticipated, the euro came was pressured, lifting the greenback to new peaks because market participants digested ECB Governor Mario Draghi’s statement showing that the major  bank’s bond buying program appears to be “open ended”, thus encouraging a prolonged period of monetary stimulus measures beyond September next year.

Gold traditionally reacts to all moves in the greenback. A strengthening dollar makes this commodity less affordable for holders of foreign currency.

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