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On Monday, gold dived in Asia, following a sudden positive reading in the China Caixin PMI for June.
In New York, August delivery gold futures tumbled 0.33%, trading at $1,238.17 a troy ounce.
In June, Caixin's China manufacturing PMI managed to surpass expectations, giving traders a hope that the Chinese economy keeps ruining expectations for a slowdown.
The previous week, gold decreased at the close and posted their first weekly dip since March as a soar in global bond yields tamed traders’ demand for the major precious metal.
Gold concluded the first half of 2017 with a profit of 8%, underpinned by a sag in the greenback to its year’s lows.
Apparently, gold prices were under pressure amid signs that several key financial institutions around the world are on the verge of joining the Fed in tightening monetary policy.
Traders’ hopes mounted for tighter monetary policy around the world after the heads of the ECB, the Bank of England as well as the Bank of Canada demonstrated a more hawkish view on monetary policy.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
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On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…
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