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On Friday, gold slumped in Asia. It’s because support from physical demand during the festive season in India didn’t manage to back market sentiment.
December delivery gold futures dived 0.31% in New York being worth $1.286.01 a troy ounce.
Market participants will also monitor the upcoming election in Japan.
Overnight, gold edged up because a jump in political uncertainty in Spain put pressure on risk sentiment. Meanwhile, everlasting dollar weakness contributed to upside momentum in the number one precious commodity.
Also backing demand for gold was a dive in the evergreen buck amid a decline in treasury yields notwithstanding data indicating underlying strength in the American economy.
On Thursday, the Philadelphia Fed told that in September its manufacturing index inched up to 27.9, from 23.8, thus confounding experts’ forecast of an outcome of 22.
On Thursday, the US Department of Labor informed that initial jobless claims slumped 22,000 to a seasonally adjusted 222,000 by October 13.
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…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
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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