Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Gold stands still at the beginning of busy week
On Monday, gold didn’t change in European morning trade because traders looked ahead to comments from major Fed officials as well as a bunch of US economic reports in the week ahead for fresh signs of the major bank's probable rate hike trajectory through the end of 2017.
In New York, gold futures demonstrated $1,255.73 a troy ounce, losing less than 0.1%. On Friday, the number one precious metal ascended for a third session in a row, extending its profits from a five-week minimum of $1,241.70 reached the previous week.
Additionally, silver futures tacked on approximately 0.2%, showing $16.67 a troy ounce.
On Tuesday, investors are supposed to pay much attention to comments from Fed Chair Janet Yellen because they look for more hints as for the timing of the upcoming American rate lift as well as clues on how the major bank intends to pare back its balance sheet.
Apart from that on Thursday market participants will pay attention to the final reading of American first-quarter economic surge for further evidence on the health of the world's number one economy.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.