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.
Gold revives from 6-week minimums ahead of Yellen speech
On Tuesday, gold soared in European trade, reviving from the previous session's six-week minimum because traders looked ahead to comments from Fed Chair Janet Yellen for further signs as for the US major bank's probable rate lift trajectory through the end of 2017.
In New York, gold futures showed $1,251.60 a troy ounce, ascending about 0.4%. The commodity edged down to its lowest value since May 17.
On Monday, gold went down steeply, with prices marking their first dip in four sessions because a huge sell order as well as a stronger greenback impacted sentiment.
Meanwhile, silver futures tacked on 0.4%, demonstrating $16.63 a troy ounce, reviving from the previous session's seven-week minimum of $16.22.
The Fed lifted interest rates for the second time in 2017 and also kept to plans to go ahead with another rate lift by year-end.
Besides this platinum grew 0.7%, trading at $924.15, palladium jumped 0.3%, being worth $866.52 an ounce.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.