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Geopolitical tensions push gold higher near 1430 dollar

2019-07-03 08:53 am | Resource: News | No Views : 34

   Geopolitical tensions push gold higher near 1430 dollar

Gold prices rose on the back of falling stocks and dollar stability, along with the resurgence of trade threats to influence investor sentiment in global markets and fears of slowing global growth. The United States imposed tariffs of more than 400 percent on Vietnamese steel imports, a day after it threatened to target products worth $ 4 billion imported from the European Union to support its authorities Airbus.

Wall Street tops the market despite global tensions

Wall Street stocks rose on Wednesday in pre-market trading with Iran, trade and data under focus. Iranian President Hassan Rowhani announced that Tehran would increase uranium enrichment beyond the limits set by the Joint Comprehensive Action Plan (JCPOA). At the same time, US President Donald Trump said he would nominate Christopher and Lord Judy Shelton to fill seats in the Federal Reserve.

In confirmation of previous reports, Rowhani said the country would announce additional measures to reduce its commitments to the Joint Comprehensive Action Plan (JCPOA) at the time. He also said that the Arak reactor would resume its work after the same date if the remaining signatories to the JCPOA did not fulfill their promises. However, he stressed that Iran remains committed to the nuclear agreement as long as the other parties have done the same.
  • The Dow Jones Industrial Average rose 0.15% at 10:25 am CET.
  • While the Nasdaq 100 rose 0.42%.
  • The S & P 500 rose 0.23% at the same time.


Meanwhile, the dollar index - which measures its performance against a basket of major currencies - has stabilized at 96.77 points, and the dollar's appreciation is often putting pressure on commodity prices, making it more expensive for other currency holders. Where the dollar was stable against the euro at 4:24 am Eastern time to convert to 0.88656 euros. Meanwhile, the greenback was up 0.19% against the British pound at 0.79555.
 
Precious metals trading
  • In terms of trading, the metal futures contract for August delivery rose 1.50% to $ 1429.10 an ounce.
  • Spot gold prices rose 0.50% to $ 1425.45 an ounce at 9:46 am CET.


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