May 21, 2018

MTECHTIPS:-Gold gains slightly in Asia, RBA makes a bold call

MTECHTIPS;-Gold prices inched up in Asia on Tuesday with risk sentiment dominating though Australia’s central bank sent a clear signal it sees an end to global monetary easing for now. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.17% to $1,234.25 a troy ounce. Also on the Comex, silver futures for March delivery inched up 0.02% to $17.697 a troy ounce, while copper slipped 0.38% to $2.641 a pound. “There is no longer an expectation of further monetary easing in other major economies,” the RBA statement on Tuesday annoucing rates on hold at a record low 1.5% said. “The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.” Overnight, gold prices added to overnight gains in North American morning trade on Monday, hitting the strongest level since November as investors sought the perceived safety of the yellow metal amid growing concerns over political risks around the globe. Prices of the yellow metal climbed 2.4% last week, its best weekly gain in seven months. Investors continued to pile in to gold as they eyed political risk elements, with President Donald Trump’s administration on the back foot over its immigration and other policies. In the euro zone, traders are monitoring developments in countries where anti-establishment movements are gaining traction ahead of elections.




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