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.


Gold declines due to Thanksgiving Day

On Thursday, gold sagged in holiday-thinned trade, although losses were capped by rumors that the major US bank might not tighten American policy as mawkishly as previously anticipated…

Crude is firm on anticipated OPEC cut extension

On Wednesday, crude rallied after a reported dive in American crude inventories and also on hopes that an OPEC-led output cut aimed at tightening the crude market is going to be extended beyond next March…


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