On Thursday, the leading precious commodity managed to leap against in the face of the depreciation of the evergreen buck…
Gold slumps due to the continued appreciation of the dollar
On Tuesday, gold dived in the face of the continued ascend of the evergreen buck.
June delivery gold futures gained 0.14% on the Comex exchange hitting $1312.20 per troy ounce.
The previous week, gold dived to a minimum of two months and reported a third consecutive diving week.
The US dollar index, normally estimating the purchasing power of the US currency against the group of six leading currencies, tacked on 0.3% showing 92.89, which turns out to be the highest result this year.
The appreciation of the major American currency generates a decline in demand for gold as well as other commodities traded in the US currency, thus making them less accessible to those who hold other currencies.
In recent weeks, the growing revenue of American government bonds along with upbeat economic reports has bolstered forecasts of a steady rate of the key US bank’s interest rate hike this year.
At the moment, the US major financial institution predicts two more interest rate lifts in 2018, although some traders expect that there will be up to three more such lifts.
In its statement on the outcomes of the two-day gathering, the previous week the Federal Open Market Committee of the Fed recognized the surge of inflation, proceeding with the way to a second interest rate lift in 2018 as a result of its June gathering.
Market participants keep monitoring the development of the geopolitical situation before today the American President Donald Trump is going to talk about the future of a nuclear deal with Iran, which he repeatedly threatened to break.
As for other metals, silver futures inched down to $16.48 per troy ounce on the Comex exchange, while platinum futures sank 0.35% being worth $910.10.
Copper futures dived 1.17% being worth $3,044 per pound.
On Tuesday, gold changed insignificantly, keeping close to the minimum of 2018, which was recorded at the last trading session…
On Monday, market participants were selling metals as well as other assets, which are traditionally referred to as "safe havens" due to the weakening fears of a trade conflict between the United States and China…
America’s on the verge of starting an investigation into whether thermoplastic components utilized in some Japanese as well as German vehicles sold in the country violate its patent laws or not…
On Monday, gold headed south in European trade, making its way toward a three-week minimum after American congressional leaders came to an agreement to fund the government via the fall, thus easing worries as for a shutdown of the federal government…
On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…