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Gold heads south in Asia, shrugging off NKorea missile test
On Monday, gold dipped moderately in Asia, shrugging off the latest North Korean missile test. Meanwhile, the American and British markets were unavailable for holidays.
In New York, June delivery gold futures dipped 0.13%, being worth $1,266.42 a troy ounce.
The previous week, gold inched up to a nearly one-month peak, shrugging off an ascend in the greenback to a four-day peak, reacting to an upward revision to American economic surge as well as expectations that the Fed would lift its benchmark rate already in June.
The American economy ascended faster than initially reported during the first three months of this year, thus relieving worries as for a potential slowdown in the American economy.
Gross domestic product moved up at an annualized rate of about 1.2% during the first three months of this year, which exceeds the previous reading of 0.7% that turned to be the slowest period of economic surge since 2014.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.