Sun. May 16th, 2021

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

Gold prices sank

1 min read

Gold bars

Gold sank on Tuesday after rising more than 2% in the previous session, while market participants awaited runoff elections for both U.S. Senate seats from Georgia that would determine the future course of fiscal support.

Spot gold was down 0.2% to $1,938.16 per ounce by 0045 GMT, after hitting its highest since Nov. 9 at $1,945.26 earlier in the session, while U.S. gold futures inched down 0.1% to $1,944.30.

The Georgia runoff elections will decide which party controls the U.S. Senate. A win by Democrats would make it easier for President-elect Joe Biden to push policies such as rewriting the tax code to boosting stimulus.

Gold is considered a hedge against inflation and currency debasement.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 1.5% to 1,187.95 tonnes on Monday.

Speculators cut bullish positions in COMEX gold and silver contracts in the week to Dec. 29, data showed on Monday.

Silver shed 0.3% to $27.12 an ounce. Platinum fell 0.5% to $1,064.29, while palladium gained 0.2% at $2,377.05.

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.