Find out the main drivers for this week
In Asia gold inches up as US tax cut views drive inflation worries
On Friday, gold ascended in Asia because American tax cuts move closer to passage, thus driving inflation worries for some market participants.
In New York, December delivery gold futures edged up 0.43% being worth $1283.66 a troy ounce.
Overnight, the US House of Representatives finally passed its variant of the tax cut legislation. Meanwhile, a major committee unveiled its version to the US Senate.
Overnight, the number one precious metal was nearly intact because the recent trend of flattening yields receded, although downside momentum was capped by a weakening greenback on the back of soft economic data.
Everlasting uncertainty as for the outcome of tax reform has rekindled investor appetite for gold, as data revealed market participants had increased their bets on gold the previous week.
Additionally, on Thursday night a fire has burst out at the key port utilized by copper miner Freeport-McMoRan Inc in Papua, Indonesia, as company sources revealed.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.