Traders drop gold and shift to equities

Traders drop gold and shift to equities

On Friday, gold lost ground in Asia because the greenback gained ground, while equity markets kept ascending.

Better-than-expected trade reports out of China assisted to shore up confidence in currencies as well as stock markets and took some of the shine out of the most popular precious metal, normally seen as a safe haven in hard times.

In Asia, August delivery gold futures decreased 0.11%, trading at $1,216.00. The US dollar index, traditionally gauging the value of the US currency versus six major rivals, dipped 0.03%, showing 95.53.

On Thursday, the US dollar sagged after Fed Chair Janet Yellen was dovish on the outlook for the American economy as well as the prospect of lifting interest rates, telling more hikes are likely to emerge, but without specifying a strict timeline. Her testimony coupled with everlasting political worries in America surrounding any links, which might be between Russia and American President Donald Trump.

Similar

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera