Gold rebounds in Asia after recent drops

Gold rebounds in Asia after recent drops

On Thursday, gold rebounded moderately in Asia because market participants came in after a recent steep sag following the French election outcome. Moreover, traders took positions on potential geopolitical risks on the Korean peninsula exactly where America has moved to setup a sophisticated anti-missile system to prevent North Korea from launching ballistic missiles.

In New York, June delivery gold futures grew 0.28%, trading at $1,276.33 a troy ounce. As for silver futures, they ascended 0.37%, being worth $17.496 a troy ounce. Copper futures sank 0.58%, trading at $2.587 a pound.

Overnight, gold traded moderately below breakeven, suppressed by a shift in market sentiment towards riskier assets, as market participants digested bullish comments from American Treasury Secretary Steven Mnuchin and waited for a tax reform update from Donald Trump.

On Monday, Treasury Secretary Steven Mnuchin confirmed that the tax reform plan would reduce the business tax rate to 15%. His comments came ahead of a highly anticipated update from Donald Trump on his tax reform initiative. 

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