Gold hovers near 2-week peaks on softer greenback

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.

 

Similar

Popular

Greenback edges down

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…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera