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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 Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…
On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…
On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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