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.

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