Gold soars in Asia as Trump's firing of Comey spurs policy worries

Gold soars in Asia as Trump's firing of Comey spurs policy worries

On Wednesday, gold grew in Asia because financial markets reacted to Donald Trump’s recent decision to fire FBI Director James Comey, thinking that the resulting political blowback could undermine efforts at tax cuts as well as other economic policy aims.

In New York, June delivery gold futures grew 0.48%, trading at $1,222.02 per troy ounce. Aside from that, copper futures tacked on 0.20%, showing $2.501 a pound.

Meanwhile, China posted consumer prices for April inched up 1.2%. It’s more than the 1.1% revenue observed year-on-year, while producer prices added 6.4%, which is less than the expected 6.9% soar.

Overnight, gold declined because market participants kept ditching safe-haven assets, after Emmanuel Macron’s win in the French election relieved uncertainty while a soar in rate lift hopes applied pressure on upside momentum.

Gold futures sank to an eight-week minimum because investor sentiment drifted towards riskier assets amid a tumble in the VIX volatility index to a 11-year minimum. 

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