Gold tumbles in Asia as market participants stay on sidelines

Gold tumbles in Asia as market participants stay on sidelines

On Wednesday, gold declined in Asia because traders prepared for a big day on Thursday with the ECB, testimony by sacked FBI chief James Comey and also Britain’s election.

In New York, August delivery gold futures dived 0.24%, trading at $1,294.37 a troy ounce.

Overnight, gold leapt to seven-week peaks because safe-haven demand grew, ahead of risk events, which could rattle financial markets while the evergreen buck dived to its lowest value since November because market participants questioned the strength of the American economy amid poor economic data.

Traders piled to into safe havens, including the Japanese yen, American treasuries and gold, ahead of a storm of risk events on Thursday, which could generate turmoil in markets.

In May, gold demonstrated its longest winning streak since 2010, soaring 0.05% for the month notwithstanding ascending hopes that the Fed would raise its benchmark rate at its June 13-14 gathering.


Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


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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