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Gold slides in Asia as American tax cut clues awaited
On Wednesday, gold declined in Asia because market participants took positions ahead of an anticipated roll-out of the Trump administration's initiative for tax cuts. They were also impressed by a more hawkish speech by the US major bank's chief.
December delivery gold futures went down 0.27% being worth $1,298.20 a troy ounce.
Overnight, gold sank as December rate-hike hopes rallied after Fed Chair Janet Yellen told that key bank requires being wary of moving gradually enough on interest rates just to avert the US economy overheating.
Yellen’s comments emerged just a day after gold ascended steeply, reacting to renewed tensions on the Korean Peninsula right after North Korea told that Donald Trump had dared to declare war on his country, thus granting him right to shoot down American aircraft flying near the peninsula.
Financial experts were quick to downplay hopes for a prolonged tumble in gold prices hinting that safe-haven demand could get back as geopolitical uncertainty was still front and center.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!