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.

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