Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Gold inches up on demand from China and India
On Tuesday, gold tacked on in Asia, with physical demand from India during the festival season as well as the other leading importer China because markets get back after a week-long holiday the previous week.
December delivery gold futures rallied 0.31% being worth $1,289.05 a troy ounce.
Overnight, the number one precious commodity grew, backed by a sink in the US currency because a leap in geopolitical uncertainty enhanced demand for gold, although growing expectations that the key US financial institution will increase its rates for the third time in 2017 capped revenues.
Gold managed to make a firm start to the trading week amid recovering geopolitical uncertainty because Donald Trump’s tweets over the weekend drove fears that the US president is seriously considering military action against North Korea.
Net bullish bets on the yellow precious metal inched down to 203.9, as the Commodity Futures Trading Commission informed on Friday.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.