Gold soars in Asia before Yellen speech

Gold soars in Asia before Yellen speech

On Wednesday, gold grew in Asia, with markets in Taiwan, South Korea and China unavailable for holidays as well as caution ahead of remarks later in the day from Fed Chair.

December delivery gold futures grew 0.25% in New York being worth $1,277.82 a troy ounce. The number one precious commodity gained some support from India because the festival season in this country usually generates increased demand for this commodity.

Overnight, gold ceased its recent descend after treasury yields trimmed revenues pressuring the evergreen buck to rebound  from six-week maximum raising market sentiment on the number one precious commodity.

Gold prices were limited to rather a narrow $7 trading band staying above seven-week dips amid greenback weakness because market participants waited for direction from crucial economic reports as well as a speech from Fed Chair Yellen a bit later this week.

Net bullish bets on gold went down to 212,600, as a report from the Commodity Futures Trading Commission unveiled on Friday.


US Retail Sales

A change in retail sales is one of the most important economic indicators for the US economy and the USD.

Gold inches up

On Thursday, gold managed to gain due to the fact that the evergreen buck gave up some of its revenues, while relieving trade-war worries assisted traders in cutting bearish bets on other commodities…


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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