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Gold Sinks as Dollar Gets Boosts From Yellen; Japan Stocks Rise

Posted by Chris Advincula on May 30, 2016 7:10:25 AM

(May 30 Monday Bloomberg) Gold fell for a ninth day, its longest losing streak in a year, and the dollar strengthened after Federal Reserve Chairman Janet Yellen said an interest rate hike is likely in the coming months. Japanese shares led gains in Asia, while European stocks held near a one-month high.

Bullion declined with silver and platinum as the prospect of higher borrowing costs in the U.S. damped the appeal of non-interest bearing assets. The Bloomberg Dollar Spot Index climbed to its highest since March, while China's yuan dropped by the most in two weeks as the central bank weakened the currency's daily reference rate. The yen sank to a one-month low versus the greenback and Japanese shares posted their highest close in May after an aide to Prime Minister Shinzo Abe said a sales tax increase will probably be delayed. Financial markets in the U.S. and U.K. are shut for holidays.

Click on the link below to see the full story from Bloomberg: (by James Regan & Emma O'Brien)

Gold sinks as Dollar Gets Boost From Yellen, Japan Stocks Rise




Topics: $USDJPY, Fed, gold, Stocks, Forex Market, Interest Rate, Fundamentals


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