Gold jumps in Asia following deadly Manchester concert venue explosion

Gold jumps in Asia following deadly Manchester concert venue explosion

On Tuesday, gold rose in Asia, reacting to a deadly recent explosion at a concert venue in Manchester. It’s currently considered to be a terror attack.

June delivery gold futures ascended 0.04% in New York, trading at $1,261.87 a troy ounce.

Overnight, gold added, underpinned by a tumble in the greenback, after the common currency soared to six-month peaks, while worries as for American political turmoil backed demand for safe-haven precious metal.

Gold contributed to its 2% profit hit the previous week, as market participants kept piling into the yellow-metal amid worries that President Donald Trump might struggle to offer his pro-growth economic agenda aimed at boosting the US economy.

Donald Trump’s hypothetical links to Russia as well as his sudden decision to sack ex-FBI chief James Comey, have definitely dominated moves in both the greenback and gold.

The evergreen buck faced its worst trading week in more than a year the previous week. It’s because market participants ditched the greenback amid soaring worries that Trump's intention to introduce initiatives, including tax-reform, infrastructure spending, deregulation widely considered as inflationary, would be ruined amid ongoing political uncertainty.


Gold declines due to Thanksgiving Day

On Thursday, gold sagged in holiday-thinned trade, although losses were capped by rumors that the major US bank might not tighten American policy as mawkishly as previously anticipated…

Crude is firm on anticipated OPEC cut extension

On Wednesday, crude rallied after a reported dive in American crude inventories and also on hopes that an OPEC-led output cut aimed at tightening the crude market is going to be extended beyond next March…


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