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.



Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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