Gold drops in Asia as traders digest Fed views
On Monday, gold sank with markets in America and Great Britain closed for holidays and traders focused on a probable Fed interest rate lift as early as next month.
Japanese retail sales for April went down 0.8%. It’s definitely less than the 1.2% dip expected year-on-year. American markets are going to be closed for the Memorial Day holiday.
In New York, August delivery gold futures lost 0.97%, trading at $1,204.85 per troy ounce. July delivery silver futures edged down 0.47%, reaching $2.101 a pound.
Copper traders are going to look out for a couple of reports on Chinese manufacturing sector due on Tuesday, along with everlasting worries as for the number two economy’s health. This Asian nation appears to be the world’s major copper consumer. Indeed, it accounts for almost 45% of world consumption.
In the week ahead, market participants are going to focus on Friday’s American nonfarm payrolls report for May to indicate if the world's leading economy is strong enough to digest further rate lifts this year.