MTECHTIPS;-Gold prices fall in Asia as North Korea tensions eyed,
MTECHTIPS;-Gold prices fall in Asia as North Korea tensions eyed, stocks gain
MTECHTIPS-Gold dipped slightly in Asia on Tuesday with markets on watch for developments on the Korean peninsula, but otherwise noting strong equity markets and investor confidence. Gold for June delivery on the Comex division of the New York Mercantile Exchange eased 0.15% to $1,275.65 a troy ounce. Silver futures rose 0.16% to $17.960 a troy ounce. Copper futures jumped 0.78% to $2.586 a pound. Overnight, gold prices slumped on Monday, as investors pulled out of safe-haven assets such as gold, after pro-European candidate Emmanuel Macron won the first round of the French presidential election. Gold suffered its biggest decline in over a month, falling more than 1%, after polls indicated Mr Macron would emerge victorious against anti-EU candidate Marine Le Pen in the run-off vote, scheduled for May 7. The slump in gold prices, however, was capped by dollar weakness and rising geopolitical tensions. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand. Meanwhile, North Korea stoked geopolitical tensions, after the Kim Jong-un led nation said on Sunday that it was ready to sink a U.S. aircraft carrier, as two Japanese navy ships joined a U.S. carrier group in the western Pacific. Elsewhere, investors look ahead to details on President Donald Trump’s tax reform plan. President Donald Trump said Friday, he will unveil a tax plan on “Wednesday or shortly thereafter” that includes a “massive tax cut” for individuals and businesses.
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