Gold surges in Asia with Yellen

Gold surges in Asia with Yellen

On Tuesday, gold grew in Asia, with markets monitoring geopolitical risks and also noting comments from the Fed chief that suggested the US major bank is on track with its plans to lift rates as forecast.

In New York, April delivery gold futures added 0.12%, trading at $1,255.35 a troy ounce. Besides this, copper futures dropped 0.15%, showing $2,602 a pound.

The Fed’s plans to gradually increase American interest rates are aimed at sustaining full employment as well as almost 2% inflation without letting the US economy overheat. That’s what Fed Chair Janet Yellen told on Monday.

She repeated earlier comments that the American economy is supposed to keep surging at a modest pace.

Overnight, gold traded below breakeven because increased expectations the Fed would increase rates in June compensated a surge in geopolitical tensions in Korea and the Middle East.

Hopes that the Fed will increase rates in June kept limitting upside for gold prices.


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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