Gold rebounds in Asia on Trump’s remarks

Gold rebounds in Asia on Trump’s remarks

On Friday, in Asia, gold rebounded after Donald Trump’s comments as for the overall viability of a currently existing free trade pact with South Korea. He hinted that Seoul is ought to pay for an advanced anti-missile system currently deployed in South Korea. Additionally, he underlined the necessity for Saudi Arabia to shell out more for American military protection. Besides this, Trump also paid attention to the likelihood of a war conflict with North Korea.

In New York, June delivery gold futures added 0.02%, getting to $1,266.11 per troy ounce.

Overnight, gold stood still because market participants’ optimism that Trump’s tax reform plan would have the greenback underpinned notwithstanding quite poor economic data.

Gold actually struggled to hold onto revenues notwithstanding the publication of weaker than expected economic data because both Initial Jobless Claims as well as Durable Goods Orders didn’t meet expectations. Meanwhile a bullish pending Home Sales print managed to cap upside momentum.

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