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On Wednesday, gold went down because China posted better than expected PMI figures for May, thus underpinning copper moderately on expected continued surge.
June delivery gold futures sagged 0.16% in New York, hitting $1,260.11. Meanwhile, copper futures tacked on 0.12%, being worth $2.573 a pound.
Overnight, gold rebounded from a one-month peak notwithstanding a soar in safe haven demand amid everlasting geopolitical worries in the European Union, while hawkish comments as for US interest rates from a top Fed representative capped upside momentum.
Gold sank at the beginning of EU trade on Tuesday because worries as for geopolitical uncertainty in Europe relived somewhat, following the publication of the ICM poll for The Guardian, revealing that the Conservative Party held a healthy lead of 45% unlike Labor's 33%, before the general election scheduled for June 8.
Besides this, euro zone finance ministers’ inability to agree on Greek debt relief with the IMF the previous week as well as the prospect of early elections in Italy spurred demand for safe haven gold that restricted losses.
On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank should suspend monetary policy tightening and traders looked ahead to a bunch of remarks from…
On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head of the US key financial institution is going to reaffirm a pause in the US monetary policy…
On Monday, the yellow metal surged, concluding at the psychologically crucial $1,300 level due to the fact that the evergreen buck was impacted by hopes that the key US financial institution would stop its rate-lifting cycle for the year, thus raising…
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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