Economic news

Gold stays above key $1,500 mark

On Monday gold gained, holding over the psychological $1,500 threshold, because of worries over worldwide monetary development slowdown as the exchange row among Washington and Beijing extends.

goldPhoto: Flickr

Spot gold edged higher 0.4 percent at $1,502.69 per ounce at 0924 GMT, while U.S. gold futures added 0.4 percent at $1,514.10 an ounce.

In the most recent advancement in the extended frictions between the world's greatest economies, Donald Trump stated on Friday he was not prepared to agree with China and even questioned the September round of exchange negotiations.

European shares were required to bounce back on Monday following a second seven-day stretch of declines. In morning trading, futures for the pan-region Euro Stoxx 50 edged higher 0.69 percent, Germany's DAX was 0.6 percent higher and the FTSE gained 0.58 percent.

Meantime, Goldman Sachs stated on Sunday that feelings of trepidation of the exchange row prompting a recession were expanding and that it never again expected an economic accord among Washington and Beijing before the 2020 U.S. presidential election.

Experts also stated mild national banks and negative debt yields far and wide were further backing up gold.

Bullion rated gained as much as 4 percent a week ago and are up nearly 17 percent the current year.

All eyes are currently on the Fed yearly symposium at Jackson Hole further in the week, with traders looking for more lucidity on the future track of key benchmark rates. Investors predict a 69 percent shot of a 25 bp rate trim by the U.S. national bank next month.

Hedge funds and money managers brought their bullish position up in COMEX gold and cut net long positions in silver contracts during the week to Aug. 6, the U.S. CFTC stated on Friday.

Silver added 0.3 percent to $16.99 per ounce. Platinum slipped 0.4 percent to $855.87, while palladium gained 0.4 percent to $1,427.64 an ounce.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree