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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.
On Tuesday, gold rallied a bit because the evergreen buck slumped ahead of what’s widely anticipated to be the Fed’s third interest-rate lift of 2018 this week…
On Monday, gold managed to ascend from one-week minimums in subdued Monday trade due to the fact that market participants waited for what’s widely anticipated to be the Fed’s third interest-rate lift of 2018 this week…
On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…
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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