Gold soars in Asia as Fed views alter

Gold soars in Asia as Fed views alter

On Thursday, gold gained in Asia, with a weaker greenback along with revised views on the Fed lifting rates for a third time this year gave support.

August delivery gold futures jumped 0.67% in New York, hitting $1,254.18 a troy ounce.

Overnight, gold traded above breakeven because the greenback faded notwithstanding data demonstrating that American existing home sales suddenly gained in May, while soaring expectations for a rate lift later this year limited upside in gold.

The greenback didn’t manage to capitalize on positive housing data because the National Association of Realtors told that strong demand as well as inexpensive mortgages were spurring prices at an unsustainable rate because in May sales of existing homes picked up 1.1%.  

Financial experts had forecast American existing home sales would sag by 0.5%.

Weakness in the major American currency versus a basket of its key peers, underpinned commodities across the board.

 

Similar

Popular

Crude edges down in Asia on Caixin PMI

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…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

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