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On Monday, gold managed to surge, underpinned by the softer evergreen buck as well as escalation in trade tensions between China and America that backed safe haven demand for the number one precious commodity.
June delivery gold futures tacked on 0.6% on the Comex, New York ending up with an outcome of $1,335.3 per troy ounce.
On Monday, China announced that it’s ramping up duties by approximately 25% on certain American imports. That’s an attempt to respond to American duties on imports of steel and aluminum.
The given move powered trade tensions between the world's two leading economies. A great number of investors are afraid that these tensions could evolve into a hazardous trade conflict and give a mighty blow to the world’s economy.
Appreciating the greenback’s value against a group six major currencies, the US dollar index headed south 0.21% offering an outcome of 89.56.
Market participants tend to cling to the most popular precious metal as a store of value when facing times of political or economic uncertainty. Besides this, a weaker evergreen buck makes greenback-denominated commodities more affordable for keepers of other assets.
Trade volumes felt like staying low on Monday with financial markets in Europe unavailable for the Easter holiday, meanwhile American markets were expected to get back after the Good Friday holiday.
Market participants were eager to get actual data from the Institute for Supply Management. To be exact they require American manufacturing index anticipated to show up a bit later in the day.
As for other precious metals, silver futures managed to inch up 1.12% showing an outcome of $16.450 per troy ounce. Platinum futures surged 0.99% offering a result of $941.80.
As for base metals, copper futures ascended 1.21% being worth $3.062 a pound.
On Thursday, gold jumped over 1%, thus getting back to the psychologically crucial mark of $1,200 because a rout in global stock markets underpinned worries over soaring bond gains, speeding down global growth, not to mention trade clashes…
On Wednesday, gold slumped because elevated bond gains kept to their steepest values since 2011 and the USD index stood still sticking with its seven-week maximum…
On Tuesday, gold surged, rebounding from a one-week minimum because soaring American bond gains as well as fears over the outlook for global surge backed market sentiment…
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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