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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.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.