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Gold rises at the beginning of 2019 amid the turnout of safe havens

2019-01-02 08:41 am | Resource: News | No Views : 58



Spot prices for precious metals showed a contrast on Wednesday, although the fall in equity markets, as in the current Asia-Pacific session, usually drives investors toward the asset class, which is believed to be safer in times of turmoil.

Gold prices rose at the start of trading in 2019 as demand for safe havens rose, after the 4.7% gain in December helped reduce losses in 2018 to 2.1%.

The dollar index, which measures the performance of the greenback against a basket of six currencies, fell 0.17% to 95.85. After weak Chinese data boosted concerns about slowing global growth.

Palladium

Palladium, the only gainer in the past year, jumped to $ 1266.02 an ounce, a record high. Where gold exceeded 2018 on the back of strong demand in the automotive industry. Production has exceeded seven consecutive years, with no sign of a dip. Palladium is mostly used in the manufacture of catalytic converters for gasoline systems.

Precious metals trading
  • Platinum rose 0.18% to hit $ 795.74 at 7:21 am CET.
  •  Palladium traded 2.39% in green zone at $ 1,265.96 per ounce
  • Gold advanced 0.29% to $ 1,285.29.
  • Silver fell 0.07% to $ 15.46 per ounce.


Other analysis

OIL Technical analysis 18 January 2019

  (CURDE OIL - WTI ) 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 the 52.50 -  53.37 levels, but is still consolidating at a high of 50.33. In view of the technical indicators Both the RSI and Stochastic are indicating to decline of the indicators. Therefore, we expect that the oil…

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