Gold holds moderately weaker in Asia on mixed regional data

Gold holds moderately weaker in Asia on mixed regional data

On Monday, gold held moderately weaker in Asia on mixed regional data and political risk events in focus this week.

In New York, April delivery gold futures declined 0.04%, trading at $1,250.65 a troy ounce. Copper futures dipped 0.30%, trading at $2.648 a pound because labor disruptions at mines in Peru, Chile and Indonesia get resolved.

In Australia, March’s AIG manufacturing index dropped to 57.5 from 59.3, Japan's Tankan large manufacturers poll revealed a leap to plus-12 from plus-10.

The previous week, gold retraced losses after a Federal Reserve official stressed that the major US financial institution was in no rush to tighten its monetary policy in 2017.

Gold soared after New York Fed President William Dudley told on Friday that it really made sense to increase interest rates at a gradual pace in 2017. Hopes for a slower pace of rate hikes tend to spur gold, traditionally denominated in dollars.





Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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