During Tuesday’s Asia trade stood still, as market participants were waiting for clear signals as for interest rates.
In New York, the number one precious metal futures for June delivery fluctuated in rather a narrow range of $1, 219.60.
Meanwhile, May delivery silver futures edged up 0.24%, trading at $14.980, and May delivery copper futures boasted a 0.09%, trading at $2.143.
Overnight, the most popular precious metal was quite flat, just one trading session after hitting its five-week lows, as financial markets in China were closed for the national spring holiday. So, it arose one trading session right after gold tumbled more than $20 per once to its lowest value since the middle of February, when positive American jobs data enhanced the likelihood that the Fed could impose multiple interest rate hikes close to the end of 2016.
Meanwhile, Asian investors are waiting for China’s release of the country’s monthly Caixin Services PMI index for March. Traders need extra indications on the health of China’s struggling manufacturing sector in the number two economy.