Gold sags in Asia as greenback tacks on

Gold sags in Asia as greenback tacks on

On Tuesday, gold went down in Asia because market participants kept monitoring political risk in the Middle East simultaneously staying away from new buying as the greenback rebounded regionally.   

December delivery gold futures sank 0.17% being worth $1,279.44 a troy ounce. As for copper futures, they slumped 0.16% trading at $3.154 a pound.

Meanwhile, the US dollar index rallied 0.06% hitting 94.68 having dropped steeply overnight.

Overnight, the most popular precious metal traded steeply higher because political uncertainty in the Middle East powered safe-haven demand.

Gold managed to make rather a strong start to the trading week because traders piled into the precious commodity amid soaring political uncertainty in the Middle East right after Saudi Crown Prince Mohammed bin Salman dared to lead an anti-corruption drive resulting in a series of arrests of well-known Saudi Arabians.

A retreat in the evergreen buck also backed a move higher in gold because investor concerns over the leadership of the Fed surged after the Federal Reserve Bank of New York officially confirmed that William Dudley was on the way to retire earlier than previously planned.

Similar

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera