Gold prices slump in Asia
On Wednesday, gold prices in Asia edged down, as market participants mostly expect a rate raise by the Fed already at the June monetary policy gathering.
In New York, June delivery gold futures sagged 0.31%, trading at $1,225.35 per troy ounce. As for July delivery silver futures, they lost 0.27%, hitting $16.210. Meanwhile, July delivery copper futures managed to gain about 0.05%, trading at $2.068 a pound.
On Tuesday overnight, gold went down hitting 1-month minimums, following the US robust new home data, which raised the greenback. Another factor, bringing the number one precious metal down, was a closely-watched survey on dropping sentiment toward a probable Brexit.
Gold has already slumped almost 4% for the last three weeks since reaching 15-month peaks around $1,300 an ounce in the beginning of May. Notwithstanding its recent struggles, gold is up by 15% or even more since the beginning of the year. Currently, the most popular precious metal in the world is on pace for one of its most impressive halves of a year in a decade.