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.

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Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

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