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On Thursday, gold grew with demand prospects in the world's leading, India and China, in focus with physical and exchange traded fund demand on expectations that tax reform by New Delhi could potentially cut the cost of bullion imports. Moreover, Chinese buyers look for a hedge for a weaker currency.
In New York, April delivery gold futures dipped 0.14%, trading at $1,251.90 a troy ounce. In addition to this, copper futures reached $2.676 a pound.
Overnight, gold traded moderately lower, suppressed by a soar in the greenback, which kept reviving from multi-month minimums after the issue of positive economic data.
Gold sank to a session minimum of $1,246.50, as stronger than expected American home sales data backed the narrative of a stronger American economy, which pushed the greenback to session peaks. The US National Association of Realtors informed that last month its pending home sales grew by 5.5%, which turned to be far above economists’ forecast of a 2.4% soar.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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