Gold tacks on in Asia on weaker greenback

Gold tacks on in Asia on weaker greenback

On Tuesday, gold jumped in Asia, with a weaker greenback driving buying sentiment.

December delivery gold futures rallied 0.27% in New York being worth $1,284.36 a troy ounce.

Overnight, the number one precious metal was roughly intact because a rising greenback kept weighing on upside momentum in gold.

During a quiet trading day for top-tier economic data, the precious metal was suppressed on signs that market sentiment on the greenback is turning upbeat after data demonstrated market participants kept unwinding their bearish bets on the US currency.

Traders pared net bearish bets on the American currency to their lowest value in more than a month, as Commodity Futures Trading Commission data unveiled on Friday.

Gold has struggled to pare losses diving below a major price level of $1300 amid indications of progress on tax reform as well as soaring expectations that the US major financial institution will raise rates later in 2017.

Similar

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera