Observing news today one can easily get disappointed. However, things are getting better.
Gold heads south in Asia after NKorea test
On Wednesday, gold sank in Asia, as market participants noted political risk from the recent launch of a medium-range ballistic missile by North Korea ahead of a summit between Chinese President Xi Jinping and US President Donald Trump this week that will focus on the Korean peninsula in addition to trade. Moreover, traders also looked ahead to jobs figures from ADP for fresh clues on the next Fed rate lift.
In New York, April delivery gold futures sagged 0.05%, getting to $1,257.75 a troy ounce. Aside from that, silver futures dipped 0.16%, trading at $18.2933 a troy ounce. Meanwhile, copper futures tumbled to 2.616 a pound.
Overnight, gold kept to one-week peaks notwithstanding a jump in the greenback after the publication of bullish American trade data.
Gold kept trading within a narrow range with upside bias throughout the trading session, though a firmer greenback capped momentum in the number one precious metal, after bullish trade data revealed that the American trade deficit dipped more than expected in February.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.