Gold sags in Asia as BOJ and PBOC are eyed

Gold sags in Asia as BOJ and PBOC are eyed

On Thursday, gold dived a bit because market participants debated the prospect of China steeply reducing purchases of American Treasuries and whether the BOJ is braced for inching forward on a way out of its hawkish monetary policy.

Gold futures sank 0.06% in New York being worth $1,318.50 a troy ounce.

Overnight, the number one precious metal was hovering near four-month maximums because market sentiment on the greenback weakened ahead of retail sales as well as inflation reports due at the end of the trading week.

The evergreen buck obtained no support after Wednesday’s official data revealed that American import prices rallied less than anticipated in December, while export prices suddenly dived.

Investors were currently focusing on the publication of American inflation data due on Friday, for further clues on the potential tempo of rate lifts by the major US bank.

The US currency had initially soared after San Francisco Fed President John Williams told on Saturday that the Fed requires increasing interest rates up to three times in 2018 because the American economy will benefit from tax cuts.


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