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What’s next? – GOLD 15.08.17

15 August 2017 02:45 PM BDT
What’s next? – GOLD 15.08.17

Gold futures turned downwards in Asian hours on Tuesday as tensions in the Korean peninsula eased and the US dollar was able to recover ground across main competitors. On the Comex division of the New York Mercantile Exchange, gold futures were trading 0.83 percent or $10.70 lower at $1,279.70 a troy ounce as of 07:15 GMT. Top US military officials met with South Korea President Moon Jae in and his defense minister to discuss the current threats from North Korea. Marine Corps General Joe Dunford said the Trump administration is looking forward for a peaceful, diplomatic resolution to this conflict. However, Dunford also pointed out that the military alternative to take the lead in this situation would be considered if economic sanctions against Pyongyang are simply not enough. The US dollar index, which tracks the greenback against a basket of six major rivals, was trading at 93.71 by the time of this writing, adding 0.43 percent. Gold prices were on high demand last week after President Donald Trump said any threat from the Korean regime will be met with “fire and fury”. The yellow metal usually benefits from periods of uncertainty and market stress. While bullion prices gave a step back, losses were limited by downbeat economic data from the United States, which suggests further monetary policy adjustments would have to wait longer. Last week, the US Labor Department said consumer prices were up by only 0.1 percent in July, falling short from an initially expected 0.2 percent build. Ahead in the session, traders will be looking at July’s retail sales, export/import price indexes and August’s NY Empire State manufacturing index as of 12:30 GMT. Business inventories for June are due at 14:00 GMT. Tic Net long term transaction are scheduled at 20:00 GMT.

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