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Overnight gold surged to three-week peaks highs in Asia before flattening out in Friday’s morning trade.
The catalyst for the surge turned to be a unanimous verdict by the ECB not to alter their guidance on its monetary policy or talk about probable updates of an everlasting stimulus program for the time being. Apparently, the given dovish stance was in line with the tone taken by the Fed.
On Friday, August delivery gold futures lost 0.07% in New York trading at $1,244.57. Overnight the commodity rallied to $1,247.48, which is the highest value for three weeks.
The dip in the greenback was softened by the testimony of Fed Chair Janet Yellen. She told that any monetary tightening in America would take place slowly. The greenback was also underpinned by reports from China telling that the country’s surge is moderately ahead of target for 2017.
The previous week, gold grew to two-week peaks because political uncertainty in America, which has extended to this week, made the commodity more attractive as a safe haven versus the dipping greenback.
On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…
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…
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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