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.


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

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?

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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