Gold rose as the dollar fell as the government closing crisis escalated
2019-01-11 12:39 pm | Resource: News | No Views : 54
Gold prices rose on Friday and the dollar fell after Federal Reserve Chairman Jerome Powell predicted no recession in 2019 and said the US central bank would be patient in deciding when to raise interest rates.
Federal Reserve Vice President Richard Clareda also said the Fed could take a wait-and-see stance on interest rates if the adverse winds of the economy from financial markets or global growth were evident.
Markets in the US were negative in the pre-sell trade on Friday as the partial government closed for the third week.
At the same time, President Donald Trump announced yesterday that he would not attend the World Economic Forum in Davos, where negotiations with Democratic elites Nancy Pelosi and Chuck Schumer collapsed to end the closure. When it comes to trade talks with China, investors are still waiting for more precise details on what Washington and Beijing have agreed.
Gold expected to rise to 5-year high
In another report, Goldman Sachs raised its gold price forecast after the precious metal received support from rising geopolitical tensions that boosted central bank purchases, as well as recession concerns that helped boost investor demand for "defensive assets." The yellow metal is also supported by growing speculation that the Fed may stop raising borrowing costs.
The bank's analysts, led by Jeffrey Currie, forecast gold prices to rise in 12 months to $ 1,425 an ounce, the highest level since 2013.
The US dollar fell against other major currencies as the Federal Reserve closed its 21st day, raising concerns about the economy. President Donald Trump on Thursday threatened to declare a state of emergency so he could bypass Congress to pay for a wall on the border between the United States and Mexico.
- Spot gold rose 0.7 percent to $ 1,293.35 an ounce on its way to a fourth weekly gain in a row.
- Gold futures in the US rose half a percent to $ 1,293.50 an ounce.
(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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