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Gold rising supported by global tensions

2019-01-10 11:08 am | Resource: News | No Views : 165

Gold prices rose on Thursday as the Federal Reserve Chairman's speech awaited amid growing expectations that US interest rates will slow this year.

Markets are looking forward to a speech later today by Federal Reserve Chairman Jerome Powell looking for signals on how to manage interest rates this year.

World Gold Council

While immediate gold was trying to cross $ 1,300 an ounce on Thursday for the first time in almost seven months, the industry's global assembly highlighted the continued demand from central banks, which hit its highest level since 2015. Purchases by consumers, especially in India and

China has a long-term momentum with the integration of emerging market giants with the mechanisms around the planet, the World Gold Council said.

"Gold performance in the near term is heavily influenced by risk perceptions, the direction of the dollar and the impact of structural economic reforms, and in the current situation we believe these factors will likely continue to make gold attractive." In the long term, gold will be supported by the development of the middle class in markets Emerging, and its role as a last resort, and the constant expansion in the use of gold in technological applications, "the report said.

The report also warned that any further rise in interest rates, especially in the United States, would limit the increase. On the other hand, market uncertainty, protectionism, inflation, and recession risks are supporting gold prices.

The minutes of last December's meeting showed that some members of the Open Market Committee had already opposed the rate hike, calling for a "patience" policy toward economic indicators.

On the other hand, the Ministry of Commerce said that the three-day talks with US officials in Beijing enhanced mutual understanding and laid the foundation for addressing the concerns of the two sides, adding that they agreed to keep "close contact" on an ongoing basis.

Gold Trading
  • Gold futures for February delivery rose 0.33% to $ 1296.40 an ounce
  • While the price of gold for immediate delivery rose by 0.2% to $ 1296.20 an ounce,

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