Observing news today one can easily get disappointed. However, things are getting better.
Gold sags in Asia on stronger greenback
On Thursday, gold sank in Asia because the evergreen buck demonstrated gains, thus making the precious commodity priced in the US currency more expensive for major buyers, including India and China.
December delivery gold futures tumbled 0.27% in New York being worth $1,248.30 a troy ounce.
Overnight, the precious commodity dived abruptly amid a soar in the greenback on the back of strengthening hopes for a year-end rate lift as well as tax reform.
Hopes rose that tax reform is going to be implemented sooner rather than later backing a move higher in the greenback, putting pressure on gold prices because Republicans in the American Congress as well as the White House disclosed plans to change America’s tax code in a proposal, which cuts taxes on wealthy businesses.
Greenback-denominated assets, including gold appear to be sensitive to moves in the US currency – a soar in the US currency makes gold less affordable for holders of foreign currency, therefore affecting demand.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?