Gold prices stand still in Asia
On Tuesday, gold prices stood still in Asia with traders looking ahead to the ECB’s gathering later in the week for the state-of-play on probable further stimulus efforts.
In New York, August delivery gold futures stood flat at $1,329.35 per troy ounce. Meanwhile, silver futures edged down 0.46%, hitting $19.983 per troy ounce, while copper futures lost 0.18%, being worth $2.240 a pound.
Overnight, gold slumped during North American trade, as market participants unwound safe-haven trades in the wake of Turkey’s failed military coup.
On Sunday, the Turkish government told it was in full control of its country as well as economy after suppressing a recent military coup aimed at toppling the country’s current president Tayyip Erdogan.
The government had to widen a crackdown on suspected supporters of that failed coup over the weekend. As a result, many people were rounded up in the armed forces as well as judiciary.
On Friday, the number one precious metal initially headed north in post-settlement trade as news of the coup attempt worried investors.