Gold sags in Asia with Fed meeting in focus

Gold sags in Asia with Fed meeting in focus

On Monday, gold sagged in Asia, with views ahead of the June policy review by the major US bank for the number one precious metal.

August delivery gold futures tumbled 0.21%, trading at $1,268.75 at troy ounce in New York.

In the week ahead, market participants will shift their attention to Wednesday’s Federal Reserve policy gathering, where the major US financial institution is supposed to deliver its second rate lift so far this year. Additionally, financial markets will also pay attention to major bank meetings in Japan, Switzerland and Great Britain.

The previous week, gold went down for a third day because the stronger greenback weighed after UK elections failed to deliver a clear majority for Prime Minister Theresa May, thus sending the British pound steeply lower.

The shocking British election result contributed to political risks surrounding the approaching Brexit talks, sending sterling down.


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Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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