Gold tacks on in Asia with key markets unavailable

Gold tacks on in Asia with key markets unavailable

On Thursday, gold soared in Asia, with markets in South Korea, China and Hong Kong unavailable for holidays.

December delivery gold futures grew 0.05% being worth $1,277.44 a troy ounce.

Overnight, gold was intact because the evergreen buck was pressured following reports that a dovish Federal Chair is going to be appointed in 2018.

Downside momentum in the precious commodity prices were capped because the greenback tumbled reacting to a Politico report telling that American Treasury Secretary Steven Mnuchin generally backs Fed Governor Jerome Powell as Janet Yellen potential replacement in February.

Greenback-denominated assets, including gold happen to be extremely sensitive to moves in the US currency – a sag in the greenback makes the precious commodity more affordable for holders of foreign currency, thus spurring demand.

Traders are currently waiting for Janet Yellen’s speech for further clues on Fed monetary policy.

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