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On Wednesday, gold grew in European trade because the greenback and global stock markets pulled back, thus boosting the appeal of the number one precious metal.
Gold futures hit $1,252.52 a troy ounce, soaring approximately 0.5%. On Tuesday, gold grew to notch its fourth revenue in five sessions.
Silver futures managed to rise 1.1%, being worth $16.76 a troy ounce.
The greenback nursed its losses, having found itself under pressure overnight after American Senate Majority Leader Mitch McConnell postponed a vote on healthcare legislation until after the Senate's July 4 recess, in an attempt to gain more support from Republican senators.
Investors are concerned that the Trump administration’s going to find it difficult to follow through with tax drops as well as fiscal stimulus steps, without getting the healthcare bill passed.
As for the dollar index, traditionally measuring the US dollar versus a basket of six crucial currencies, hit 96.09, having dropped to its lowest value since November at 95.92 overnight.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
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…
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