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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.
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.