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Gold prices are down sharply after the Fed decision to cut

2019-08-01 08:35 am | Resource: News | No Views : 55

Gold prices are down sharply after the Fed's decision to cut

Gold prices fell after the Fed cut interest rates for the first time in a decade since the global financial crisis. Where weak inflationary pressures and global economic conditions contributed to a quarter-percentage point cut to 2.0% -2.25%. Analysts also expected gold prices to remain volatile as traders digested all Fed comments.

Trump attacks Powell for not involving China and the EU

US President Donald Trump said on Wednesday he was unhappy with the new FOMC procedures to support the economy. He again criticized the central bank and its chairman, Jerome Powell, and claimed that they should do more to enhance competitiveness for trading partners. The president accused various countries and the euro area of ​​devaluation and insisted that the dollar was very strong.

"What the market wanted to hear from Jay Powell and the Federal Reserve is that this was the beginning of a long and serious rate cut course in line with China, the EU and other countries around the world." As usual, Powell let us down and Trump added that what the price makers did was "not enough."

On the level of trade talks between the United States and China, the Ministry of Commerce said on Thursday that trade-level trade negotiations with the United States will continue in August, before resuming a higher level in September in Shanghai. In the latest round of talks that ended this week, delegates discussed the collapse of negotiations and the establishment of principles for future talks, the ministry's spokesman in Beijing said.

Once again, China called on the United States to "show honesty", implement its commitments and do more "favorable" things until a trade agreement can be reached.

 At the same time, the greenback was also pushing the yellow metal. The US dollar index, which measures the US currency against a basket of other currencies, rose 0.3%.

Precious metal trades
  • Precious metal contracts for December delivery fell 1.4% or 20.30 dollars to 1417.50 dollars at 9.55 am Central time.

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