Gold slides in Asia on stronger greenback

Gold slides in Asia on stronger greenback

On Wednesday, gold went down in Asia, with a stronger greenback weighing and financial markets waiting for Donald Trump's selection for the new Fed Chair.

December delivery gold futures lost 0.22% in New York being worth $1,275.50 a troy ounce.

Overnight, the number one precious metal declined because investors kept ditching gold amid everlasting risk-on sentiment. Meanwhile, a surge in the greenback contributed to downside momentum in gold.

Gold was pressured because the evergreen buck grew on signs of progress toward pro-surge tax reform as well as data unveiling that bullish manufacturing and services gained.

House Republicans are on the verge of introducing their tax bill on November 1, as CNBC informed citing a Capitol Hill source. It undoubtedly powered investor hopes that tax reform is approaching fruition.

Gold has managed to consolidate in recent trading sessions because market participants pondered over the prospect of further downside amid definite uncertainty over the future path of interest rates as well as tax cuts.

 

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