47

Gold tacks on in Asia

On Tuesday, gold tacked on during Asia trade, with the greenback in focus, as it mildly retraces steep revenues in the past month on the shocking victory of American president-elect Donald Trump and widespread hopes for a Fed rate lift in December.

In New York, December delivery gold futures added 0.10%, reaching $1,192.00 per troy ounce. Meanwhile, silver futures soared 0.29%, trading at $16.723 per troy ounce, while copper futures leapt 0.49%, being worth $2.672 a pound.

Overnight, gold prices ascended more than 1%, rebounding from nine-and-a-half month minimums as the major American currency reversed some of its post American election profits having soared to almost 14-year peaks the previous week.

The greenback lost on Friday, as market participants took advantage of the holiday-shortened week to derive profits after a powerful surge propelled it to the highest value since April 2003.

On Monday, greenback selling resumed, as traders looked ahead to potentially risky events, including Wednesday’s OPEC gathering and Italy’s approaching constitutional referendum on December 4.

Scroll to top