Gold surges in Asia
On Monday, gold soared in Asia. June delivery gold futures surged 0.29%, trading at $1,233.55 per a troy ounce. Additionally, May delivery silver futures edged up 0.83%, trading at $17040. As for copper futures, they lost 0.02% at 2.268 per pound.
In the week ahead, market participants are going to concentrate on the result of Wednesday’s Fed gathering as for clues on the path of future interest rate hikes. Furthermore, on Thursday, the BOJ is expected to officially disclose its latest monetary policy news.
Last week, on Friday, gold slumped amid a stronger greenback as well as expectations that the Fed might increase its interest rates, which earlier pressured gold lower.
Speculation that the Fed could enhance interest rates sooner than previously expected also weighed on the number one precious metal after Thursday’s data revealed that American jobless claims dipped to their lowest value for 43 years.
Lower interest rates tend to assist the most popular precious metal, because gold pays its holders nothing, while struggling to compete with yield-bearing investments amid surging interest rates.