MTECHTIPS;- Gold down in Asia as investors sit on sidelines for Super
MTECHTIPS;- Gold down in Asia as investors sit on sidelines for ‘Super Thursday
MTECHTIPS-Gold trended weaker on Wednesday in Asia as investors braced for a big day on Thursday with the European Central Bank, testimony by fired FBI chief James Comey and the U.K. election. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell 0.24% to $1,294.37 a troy ounce. Overnight, gold rose to seven-week highs on Tuesday, as safe-haven demand soared, ahead of risk events that could rattle markets while the dollar fell to its lowest level since November as investors questioned the strength of the U.S. economy amid weak economic data. Investors piled to into safe havens, such as U.S. treasuries, the yen, and gold, ahead of a flurry of risk events on Thursday that could spark turmoil in markets. On Thursday, investors will contend with Britain’s general election, the European Central Bank’s policy meeting and former FBI chief James Comey’s testimony before the Senate Intelligence Committee. Gold had achieved its longest winning streak since 2010 in May, advancing 0.05% for the month, despite rising expectations that the Federal Reserve would increase its benchmark rate at its June 13-14 meeting.
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