UK polls suppress gold in Asia

UK polls suppress gold in Asia

On Thursday, gold sank in Asia because market participants looked ahead to Australia and China trade data. Investors pay much attention to the sacked FBI director James Comey’s testimony to Congress, the British general election and an ECB policy review.

August delivery gold futures lost 0.47% in New York, demonstrating $1,287.11 a troy ounce.

While pollsters foresee that British Prime Minister Theresa May’s Conservative party will gain enough seats to withstand the Labor party, market participants are still concerned that the Conservative party might not considerably expand its majority by as much as previously hoped. Additionally, the final General Election surveys have disclosed that the gap between the Labor and Tories has stuck at six points.

Overnight, the number one precious metal stabilized, underpinned by a drift lower in the US currency, as market participants actually anticipated a bunch of potential risk events, which could drive uncertainty and volatility, thus powering demand for safe havens.

 

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