On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…
Gold reaches 6-month minimum on strengthening greenback
On Tuesday, gold kept diving for a second session in a raw in early morning trade, reaching a six-month minimum because the evergreen buck leapt and fears of escalating trade clashes didn’t back the safe haven precious commodity.
August delivery gold futures went down 0.8% on the Comex exchange being worth $1,258.90 a troy ounce. It was close to an intraday minimum of $1,257.70, which is its lowest value since December 18.
Meanwhile, the USD index, gauging the greenback’s value versus six main currencies, jumped by 0.32% demonstrating a reading of 94.25, rebounding from an overnight minimum of 93.84 that turned out to be the weakest value since June 14.
A stronger evergreen buck makes gold denominated in this currency less affordable for those who keep foreign currencies.
Gold generally neglected investors’ worries on Monday when the US Treasury Department was ordered to prevent businesses with at least 25% Chinese ownership from purchasing American tech companies.
Driving the tensions, Liu He, Chinese Vice Premier and simultaneously President Xi Jinping’s major economic adviser, told that China is ready to withstand American tariff threats.
In spite of the fact, gold is generally considered to be a safe haven asset in times of economic and political uncertainty, the most popular precious commodity was unable to conclude Monday’s trading session up.
On Tuesday, financial markets seemed to have regained some composure with some media pointing to statements by White House trade adviser Peter Navarro. This official tried to relieve investor worries as for American trade policy.
As for other metals, silver futures edged down by 0.8% coming up with $16.205 a troy ounce.
In addition to this, palladium futures went down by 0.8% being worth $928.30 an ounce. Platinum headed south by 0.9% showing $863.40.
As for base metals, copper dived 0.1% hitting $3.008 a pound.
On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…
On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…
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…