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Gold gains in Asia as market stays pat ahead of key events

CommoditiesJun 05, 2017 11:42PM ET
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© Reuters. Gold gains in Asia

Investing.om - Gold prices rose on Tuesday with investors holding positions ahead of the UK election on Thursday and testimony to Congress by the fired FBI chief that could hit the Trump administration's plans for economic reforms.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose 0.36% to $1,287.29 a troy ounce.

Japan reported average cash earnings rose 0.5% for April, compared with a 0.3% gain seen year-on-year.

The Reserve Bank of Australia will release its latest interest rate decision on Tuesday with analysts expecting a steady and record low 1.50%. Earlier, Australia reported the current account widened to a deficit of A$3.1 billion, compared with a surplus of A$100 million seen for the first quarter.

Overnight, gold pulled back from six-week highs on Monday, as safe-haven demand eased despite renewed geopolitical tensions and a flurry of risk events later during the week that could spark turmoil in markets.

Gold hit a six-week high in earlier trade, on the back of fresh geopolitical tensions in the Middle East, after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with Qatar on Monday, accusing it of supporting terrorism.

Gains in gold, however, were short-lived, as the yellow-metal failed to capitalize on the release of mostly downbeat U.S. economic data, which added to concerns of a slowdown in the U.S economy.

U.S. non-manufacturing activity grew at a slower pace in May, as the Institute for Supply Management on Monday said its non-manufacturing index fell 0.6 points to 56.9 in May.

In a separate report, the Commerce Department said Monday that Factory orders dipped 0.2% in April, in line with forecasts.

Gold is expected to remain supported during the week, as market participants will contend with a raft of risk events that could rattle markets.

On Thursday, the UK heads to the polls in the general election, whose outcome has become much less certain of late, after the latest opinion poll predicted that the Conservatives may fall short of the required number of seats for a majority.

A YouGov poll on Sunday, suggested that the Conservatives will win only 305 seats in the House of Commons, above Labour’s 268 but well short of the 326 seats needed for a majority.

Meanwhile in Washington on Thursday, former FBI director James Comey is due to testify before the Senate Intelligence Committee about Russia’s alleged involvement in the U.S election and President Trump’s alleged attempt to halt an investigation into former national security advisor Michael Flynn.

Gold gains in Asia as market stays pat ahead of key events
 

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