Gold jumps in Asia ahead of Fed gathering

Gold jumps in Asia ahead of Fed gathering

On Wednesday, gold leapt in Asia, with the upcoming Fed gathering believed to hold steady and market participants cautious ahead of nonfarm payroll data.

December delivery gold futures rallied 0.01% being worth $1,270.65 a troy ounce. Meanwhile, copper futures added 1.19% trading at $3.149 a pound.

October’s Caixin/Markit manufacturing PMI hit 51.0, standing still from September.

Overnight, the precious commodity hovered above session minimums suppressed by a soaring greenback on the back of bullish economic reports, which raised traders’ expectations of bullish American economic surge.

In October, the Conference Board’s consumer confidence gauge tacked on to 125.9 from September’s reading of 119.8, thus confounding experts’ estimate for an outcome of 121.

By the way, consumer sentiment appears to be a major indicator of consumer spending, playing a crucial role in overall economic activity.


Brent reaches $70 on output cuts

On Monday, Brent crude rallied to $70 a barrel, underpinned by everlasting output cuts led by OPEC as well as Russia, and neglecting a soar in the US and also Canadian drilling activity, pointing to higher future output in North America…


Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

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