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Gold extends losses as hopes of economic recovery spread
Gold prices declined, extending previous session losses as equity markets rallied on economic optimism, hopes for additional stimulus measures and further easing in social restrictions. However, a weaker dollar capped the safe-haven metal's downside.
Asian shares surged to a near 3-month peak as hopes of more stimulus and further easing in social restrictions boosted investor sentiment, despite caution over a host of worries from the coronavirus to growing U.S. civil unrest.
Data showing China’s services sector returned to growth last month for the first time since January as the economy recovers from strict coronavirus-induced containment measures further dented the bullion's bid tone. The Caixin/Markit services Purchasing Managers’ Index rose to 55.0 in May from 44.4 in April, hitting the highest level since late 2010.
Central banks and governments around the world have unleashed unprecedented fiscal and monetary stimulus and other support to cushion their economies from the coronavirus pandemic. The European Central Bank is expected to increase its 750 billion-euro bond-buying programme when it meets on Thursday.
Spot gold was trading 0.3 percent down at $1,722.86 per ounce by 0702 GMT, having touched a high of $1,745.30 on Tuesday, its highest since May 21. U.S. gold futures fell 0.1 percent to $1,732.20.
The dollar index was down 0.3 percent and was trading at an over 2-month low, as demonstrations against police brutality continued in the United States, in spite of curfews. The 30-year U.S. Treasuries yield rose to 1.532 percent, its highest since mid-March, while the yield gap between 5- and 30-year Treasuries rose to 118 basis points, its highest since early 2017.