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Gold prices rebound as trade tensions weaken risk appetite

2019-06-12 12:04 pm | Resource: News | No Views : 59

 Gold prices rebound as trade tensions weaken risk appetite

Gold prices rebounded from their one-week low on Wednesday as trade tensions between the United States and China rose and growth fears surfaced. After US President Donald Trump said he was suspending a trade deal with China and had no interest in moving forward unless Beijing agreed to four or five "key points" he did not specify.

US Secretary of Commerce Wilber Ross said the G20 is not a place where anyone has a final agreement. Elsewhere, China's factory gate inflation slowed in May due to weak demand for commodities, fueling concerns about cooling growth in the world's second-largest economy.

US Treasuries Jump on Stock Falls

Investors were also reacting to Trump's comments that US interest rates were "too high". Trump said the United States has a low inflation rate and that Fed officials "have no idea" about interest rates. As investors shifted to US government debt on Wednesday, raising prices and falling yields, in parallel with rising prices for precious metals and yen in a shift to safety. Stocks in Europe have fallen, but Germany's sovereign debt has not benefited much amid concerns over the health of the eurozone's biggest economy. The Treasury sells $ 24 billion in a 10-year re-opening.

President Donald Trump said yesterday that the value of the euro and other undisclosed currencies had fallen against the dollar and stressed that Fed interest rates were "high." The view was also expressed that inflation was too low and that it was "beautiful". The consumer price report is due to be released today.
  • The yield on two-year bonds fell 4.5 basis points to 1.893%
  • The 10-year interest rate fell 1.9 points to 2.122%
  • While the 30-year index fell by one point to 2.604%.
  • Futures futures rose 0.08%, 0.14% and 0.22%, respectively.

Precious metals trading
  • Spot gold rose 0.7 per cent to $ 1335.65 an ounce, after hitting a 3-year low of $ 1,319.35 in the previous session.
  • Gold futures in the US rose 0.6 per cent to $ 1339.50 an ounce.


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