Gold retreats further from 3-1/2 month maximums

Gold retreats further from 3-1/2 month maximums

On Tuesday, gold dived, rebounding further from the previous week’s three-and-a-half month maximums because the evergreen buck strengthened versus the common currency and market participants kept betting on further rate lifts by the Fed in 2018.

Gold futures hit $1,314.90 a troy ounce, losing 0.4% from their previous close.

The common currency dived to more than one-week minimums versus the evergreen buck as market participants took profits after its recent soar amid worries that the ECB might try talking down the strengthening currency ahead of its monetary policy gathering later this month.

After getting off to a firm start to 2018 the common currency had reached a four-month maximum on Thursday, thus putting it within impressive distance of a September maximum of 1.2092, which is its strongest value since early 2015.

The weaker common currency backed the evergreen buck. The US dollar index, gauging the US dollar’s value versus a basket of six key currencies, rallied 0.17% being worth 92.24.

 

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