Gold rebounds modestly in Asia on recent profit-taking

Gold rebounds modestly in Asia on recent profit-taking

On Wednesday, gold rebounded in Asia because market participants saw recent dips on a stasis in tensions on the Korean peninsula. They just saw a chance to buy. Another factor is that the Indian festival season gets closer.

December delivery gold futures rallied 0.33% hitting $1,337.04 a troy ounce in New York.

Overnight, the number one commodity declined below break-even. It’s because easing US-North Korea tensions powered demand for riskier assets bringing global equities to record maximums for a second straight day.

The relief soar continued for a second straight day, thus decreasing demand for safe-haven gold because market participants simply shrugged off new threats from North Korea after the United Nations dared to impose a fresh bunch of sanctions, limiting the isolated country’s access to crude imports, while restricting textile exports.

Also suppressing gold prices was a steep surge in American treasury yields ahead of inflation reports due on Wednesday that could impact the Fed’s interest rate verdict slated for September 20.

Similar

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