Gold erases Asian losses and turns positive with geopolitical risks fueling turnaround
The post Gold erases Asian losses and turns positive with geopolitical risks fueling turnaround appeared on BitcoinEthereumNews.com. Gold price edges higer on Tuesday as market turmoil on the Moody’s downgrade for the US credit rating lingers. President Trump hinted that the US might withdraw completely in further attempts to solve the Ukraine-Russia impasse. Gold trades in a tight range, holding above $3,225 in Tuesday’s trading. Gold (XAU/USD) price recovers in European trading on Tuesday, trading back up to around $3,235 at the time of writing. Earlier in Asian trading, Gold slid lower after several Federal Reserve (Fed) officials on Monday, commented on the US credit rating downgrade by rating agency Moody’s. Federal Reserve Bank of Atlanta President Raphael Bostic said the downgrade could have a ripple effect through the economy, and that another 3 to 6 months of waiting time is needed to see how uncertainty settles, Bloomberg reports. In the geopolitics front, the image of the US got dented a bit further after United States (US) President Donald Trump commented on his two-hour phone call with Vladimir Putin on ending the impasse in Ukraine. President Trump said that negotiations would start immediately, though if they break down again, the US would back away from any further efforts and negotiations. Trump said there were “some big egos involved,” and without progress, “I’m just going to back away,” repeating a warning that he could abandon the process and concluded with “This is not my war,” Reuters reports. That statement suggests that the US President make a complete U-turn, as it was one of his campaign promises, to end the war in his first 100 days. Now that President Trump seems unable to resolve the situation, it looks like Trump will rather pull out and walk away from it. Daily digest market movers: Caught in opposing forces Gold fell as the haven-demand boost from Moody’s Ratings downgrade of the…
The post Gold erases Asian losses and turns positive with geopolitical risks fueling turnaround appeared on BitcoinEthereumNews.com.
Gold price edges higer on Tuesday as market turmoil on the Moody’s downgrade for the US credit rating lingers. President Trump hinted that the US might withdraw completely in further attempts to solve the Ukraine-Russia impasse. Gold trades in a tight range, holding above $3,225 in Tuesday’s trading. Gold (XAU/USD) price recovers in European trading on Tuesday, trading back up to around $3,235 at the time of writing. Earlier in Asian trading, Gold slid lower after several Federal Reserve (Fed) officials on Monday, commented on the US credit rating downgrade by rating agency Moody’s. Federal Reserve Bank of Atlanta President Raphael Bostic said the downgrade could have a ripple effect through the economy, and that another 3 to 6 months of waiting time is needed to see how uncertainty settles, Bloomberg reports. In the geopolitics front, the image of the US got dented a bit further after United States (US) President Donald Trump commented on his two-hour phone call with Vladimir Putin on ending the impasse in Ukraine. President Trump said that negotiations would start immediately, though if they break down again, the US would back away from any further efforts and negotiations. Trump said there were “some big egos involved,” and without progress, “I’m just going to back away,” repeating a warning that he could abandon the process and concluded with “This is not my war,” Reuters reports. That statement suggests that the US President make a complete U-turn, as it was one of his campaign promises, to end the war in his first 100 days. Now that President Trump seems unable to resolve the situation, it looks like Trump will rather pull out and walk away from it. Daily digest market movers: Caught in opposing forces Gold fell as the haven-demand boost from Moody’s Ratings downgrade of the…
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