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 declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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