Gold stabilized near a one-week low due to weak global stocks
2018-10-09 12:04 pm | Resource: News | No Views : 103
Gold futures settled slightly on Tuesday, trying to climb from a low of just over a week ago the previous day.
Gold found momentum in the early hours of trading as major Asian stock markets were hovering at 17-month lows as investors worried about the Chinese economy, especially as the price of trade wars rose, as well as gains in US bond yields over several years Years and the risk of a political crisis. Weakness in Europe.
Gold gains on Tuesday challenged its inverse relationship to the dollar, at least in the short term. The ICE index rose 0.3% to 96.05. This figure remains about 4% higher this year so far, contributing to a nearly 9% decline in gold across the same level.
Since precious metals - usually used as a haven for investors - do not provide a return, the commodity is vulnerable to a downturn in a high-rate environment. This climate also tends to raise the dollar, where gold is priced in the first place.
The Federal Reserve has already raised interest rates three times in 2018 and is expected to raise benchmark interest rates for the fourth time in December, moves that could drive risk-free Treasury yields higher and reduce the appetite of the yellow metal. However, equity markets are also vulnerable to rising bond yields, and any indication that stock markets are in a state of rapid decline could resume interest in gold again.
In industry news, exchange-traded Granity Charles said on Monday it had cut fees on its gold-backed fund, a move some industry participants said was aimed at boosting price competition with competing bids from the World Gold Council and Perth Mint.
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Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…
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