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.

 

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