Gold rallies in Asia ahead of American holiday

Gold rallies in Asia ahead of American holiday

On Tuesday, gold rallied in Asia before a public holiday in America with thin trading expected.

In New York, August delivery gold futures went up 0.41%, trading at $1224.18 a troy ounce.

Overnight, the primary precious metal dipped, suppressed by a steep uptick in American bond yields in the wake of positive manufacturing activity hinting that American economic surge remained sturdy.

Gold is braced for making a negative start to the month because better than expected manufacturing data driven American rate lift hopes, backing a move higher in American bond yields, thus lessening demand for this non-interest bearing precious metal.

According to the Institute for Supply Management, the previous month manufacturing index inched up to 57.8 from 54.9 in May. It currently keeps to its highest value since August 2014.

The positive manufacturing data raised American 10-Year yields to a two-month peak of 2.353, thus backing a soar in the American currency versus its counterparts and adding further pressure on gold.

Similar

Gold approaches $1,300 once again

Britain’s economic and political issues along with a no-confidence vote on Prime Minister Theresa May following her unsuccessful Brexit deal vote gave gold traders a hope of getting back to maximums of above $1,300 an ounce…

Gold surges a bit

On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank should suspend monetary policy tightening and traders looked ahead to a bunch of remarks from…

Gold stands still

On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head of the US key financial institution is going to reaffirm a pause in the US monetary policy…

Latest news

Greenback edges down

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…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera