Gold slumps in Asia as greenback grows

Gold slumps in Asia as greenback grows

On Monday, gold sank in Asia because the US currency showed strong revenues after Japan's Premier Shinzo Abe managed to win re-election, thus indicating continued easy policy.

December delivery gold futures went down 0.24% in New York reaching $1,277.39 a troy ounce.

Overnight, the number one precious commodity dipped, suppressed by the stronger greenback that spurred after Donald Trump's intention to overhaul the tax code removed a critical hurdle.

On Friday, the evergreen buck rallied, making this precious metal less affordable for holders of other currencies, right after Senate Republicans officially approved a budget measure, which will enable them to proceed with tax cuts without support from the Democrats.

The US dollar index concluded the week up 0.69%, which is its fifth weekly soar for six weeks. Market participants actually expect a fiscal boost to spur inflation, increasing pressure on the Fed to lift interest rates, dubbed the "Trumpflation" trade.



Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera