Find out the main drivers for this week
Gold hovers near 2-week peaks on softer greenback
On Tuesday, gold hovered near a two-week maximum because caution surrounding American tax reform plans and upcoming US housing sector data suppressed the US currency.
In New York, gold futures gained 0.13% being worth $1,267.20 a troy ounce, which is off a two-week peak of $1,267.80 reached overnight.
Congress is believed to approve the tax bill already this week.
Market participants were waiting for reports on US building permits and also housing starts. This data is scheduled to emerge on Tuesday. The reports are expected to provide further clues on the strength of the US housing market.
The U.S. dollar index, gauging the evergreen buck’s strength against a basket of six crucial currencies, headed south 0.10% showing 93.14.
Gold is traditionally sensitive to moves in the US currency. A weaker greenback makes gold more affordable for holders of foreign currency.
Additionally, silver futures dived 0.09% in New York being worth $16.19 a troy ounce.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.