Gold Prices Decline in Asian Trade Amid USD and Treas
Diupdate
In Asian trading on Tuesday, gold prices experienced a decline due to a resurgence of the dollar and Treasury yields. This drop in gold prices came just ahead of a series of significant Federal Reserve speakers scheduled for later in the week.
Furthermore, industrial metals, particularly copper, also faced a sharp decrease following underwhelming trade data from China, one of the major importers.
The dollar saw a rebound from its six-week lows during overnight trading, primarily driven by a warning from Minneapolis Fed President Neel Kashkari. He cautioned that it was premature to conclude the Federal Reserve's rate hike cycle.
In recent sessions, gold prices have experienced prolonged declines as traders adjusted to a reduced risk premium associated with geopolitical factors, including the Israel-Hamas conflict. The absence of a significant escalation in this conflict diminished the safe-haven demand for gold.
Furthermore, industrial metals, particularly copper, also faced a sharp decrease following underwhelming trade data from China, one of the major importers.
The dollar saw a rebound from its six-week lows during overnight trading, primarily driven by a warning from Minneapolis Fed President Neel Kashkari. He cautioned that it was premature to conclude the Federal Reserve's rate hike cycle.
In recent sessions, gold prices have experienced prolonged declines as traders adjusted to a reduced risk premium associated with geopolitical factors, including the Israel-Hamas conflict. The absence of a significant escalation in this conflict diminished the safe-haven demand for gold.
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