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On Wednesday, gold managed to soar in Asia in cautious trade because market participants waited for the latest Fed rate verdict as well as forward-looking guidance on plans to trim its huge balance sheet.
August delivery gold futures added 0.23%, being worth $1,271.55 per troy ounce.
Gold futures were trapped in rather a narrow range because market participants stood away from initiating large positions in gold ahead of the start of the Fed’s June gathering, with the majority of investors hoping for an interest rate lift.
In an ascending interest rate environment, investor hunger for gold dips because the opportunity cost of holding gold tacks on relative to other interest-bearing assets, including bonds.
Market participants closely watch Fed chair Janet Yellen’s press conference for any signs on future monetary policy as well as an update on the major US bank’s intention to cut its $4.5 trillion balance sheet.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
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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