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.

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