Gold soars in Asia as traders await China trade data
On Wednesday, gold surged in Asia with probable China trade data on the deck to set the overall tone.
China is expected to publish trade data with a surplus balance of approximately $46.64 billion observed, with imports down 4.1% in June year-on-year as well as exports down 5.0%.
In New York, August delivery gold futures edged up 0.15%, trading at $1,337.35 per troy ounce. August delivery silver futures managed to gain up to 1.24%, trading at $20.422 a troy ounce, while September delivery copper futures went up 2.58%, reaching $2.270 a pound.
Overnight, gold slumped abruptly in broad risk-on trade, as the Dow Jones Industrial Averages soared to an all-time intraday peak on Tuesday morning, thus dampening the number one precious metal's demand as a reliable safe-haven asset.
American stocks opened at record-peaks, as the Dow went up more than 100 points to an intra-session peak of about 18,353.76, overshadowing the previous all-time intraday peak of 18,351.36 from last May.