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What’s next? – GOLD 05.06.18

Jun 5 2018, 04:06 PM (+06) | Fortfs.com

Gold futures were down in early trading hours on Tuesday as the greenback consolidated its position above the 94 mark.


On the Comex division of the New York Mercantile Exchange, gold futures were down 0.05 percent at $1,296.50 a troy ounce as of 10:00 GMT.


The US dollar index, which measures the greenback’s strength against a basket of six major competitors, was down 0.11 percent at 93.88 by the time of this writing.


Gold is sensitive to moves in the US dollar. As the metal is denominated in US dollars, a stronger currency makes it more expensive for investors holding other currencies.


As no major economic releases are due this week, market participants are closely monitoring geopolitical developments. Yesterday, the White House confirmed a time for the historic summit between US President Donald Trump and North Korean leader Kim Jong Un.


Both leaders are set to meet at 09:00 am in Singapore on June 12. The meeting is seen as a major improvement in international relations and a great opportunity to denuclearise the Korean peninsula.


Gold - one of the world’s most popular safe-haven assets - could experience increasing pressure as investors expect good results out of this encounter. The US dollar, on the other hand, could benefit from this meeting.


Ahead in today’s session, traders will keep an eye on the following releases: Markit Economics and the Institute for Supply Management will unveil their services (also non-manufacturing) PMIs for May at 14:00 GMT. JOLTs job openings for April will be out by the same hour.


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