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On Wednesday, gold slumped in Asia. It’s because Moody's Investors Service had China's credit rating downgraded to A1 from Aa3, thus modifying its outlook to stable from negative.
June delivery gold futures lost 0.30% in New York, hitting $1,251.69 a troy ounce. By the way, China and India are considered to be the leading gold importers in the world. Accordingly, a tumble in demand would apply pressure on market sentiment.
Market participants look ahead to the issue of the Fed’s minutes for its April gathering on Wednesday, just to find out whether the Fed’s outlook regarding monetary policy has been affected by recent economic data as well as geopolitical developments or not.
Overnight, gold futures pared revenues amid soaring expectations that the Fed would lift its benchmark rate in June that pushed the greenback off the minimums, denting demand for gold.
Currently, approximately 80% of market participants expect the Fed to lift interest rates in June, compared to just 67% of investors last week.
On Monday, gold ascended, recovering some losses having faced its largest weekly sag for more than year because market participants awaited references from the Fed later this week…
Gold has already lost out in a paradigm shift exactly where the number one precious commodity is no longer considered to be a traditional refuge when traders are in a risk-off mood…
On Monday, gold headed south because Turkey’s economic turmoil left financial markets puzzled…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
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…
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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