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Gold and Silver Metals Rise on Global Recession Fears

2019-08-07 10:16 am | Resource: News | No Views : 118

 Gold and Silver Metals Rise on Global Recession Fears

The spot price reading for precious metals on Wednesday was consistent with investors shifting to preserve value as gold and silver peaked, despite rising stocks in Europe. Germany's annual growth in industrial production accelerated in June to 5.2%, the highest since November 2009, led by a 6% decline in manufacturing. The official statistical release today raised fears of a recession, as the German central bank has already warned that the euro zone's largest economy has contracted in the second quarter.

US stocks mixed before bell after rebound

Wall Street stocks were mixed on Wednesday before the bell after rising in yesterday's session, and losses were partially recovered from the worst of 2019 on Monday. WASHINGTON (Reuters) - President Donald Trump is ready to return to the negotiating table with China "if all goes well," White House economic adviser Larry Kudlow said. Later, the People's Bank of China set the mid-point of the yuan at 6.9996, up slightly from the previous day but still below the expected rate, after the US Treasury Department called it a "currency manipulator."
  • The Dow Jones Industrial Average lost 20 points, or 0.08%, at 4:37 CET.
  • The Nasdaq 100 rose 0.25% after a minute.
  •  The S&P 500 was flat.
The euro shrank 0.07% compared to the dollar at 4:39 am ET, trading its hand against $ 1.11906.

Following the repercussions of the US-China trade war on foreign exchange policy, central banks in New Zealand, India and Thailand cut interest rates today and surprised markets to fall.

Precious Metals Trading
  • Gold rose 0.89% to $ 1,487.5 an ounce at 10:54 after hitting $ 1,491.34 for the first time since May 8, 2013.
  • Futures exceeded $ 1500 and the yellow metal hit record levels in pounds, rupees, Canadian dollars, Australian dollars, Japanese yen and South African rand.
  • Silver rose 1.97% to $ 16.77 after rising to $ 16.81 an ounce that no one has seen since June 15 last year.
  • Platinum, which is used in the automotive industry, rose 0.12% to $ 853.73.
  • Palladium fell 0.88% to $ 1431.6 an ounce.


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