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Gold prices retreated with relative calm on trade concerns and silver jumping

2019-08-08 09:41 am | Resource: News | No Views : 20

 Gold prices retreated with relative calm on trade concerns

 Gold prices retreated with relatively calm trade concerns after China set the daily reference price at a higher-than-expected level, along with unexpectedly rising Chinese exports. On the other hand, silver prices rose during Wednesday trading, achieving the biggest daily gains in three years amid the decline of the dollar against most major currencies and the appetite for precious metals as a safe haven.

Wall Street mixed in the pre-market session, focusing on trade tensions

US stock markets were mixed in pre-market trading amid the ongoing trade dispute between Washington and Beijing. Recent data on China's trade balance indicate that the country's export surplus with the US in July fell by 6.5%, while its imports from the world's largest economy fell by 19%.

Earlier, media reported that US President Donald Trump wanted to put pressure on the largest social media companies in Silicon Valley over allegations that they were biased against conservatives. Yesterday, Chicago Fed President Charles Evans hinted that the global economic slowdown may call for another rate cut.

  • The Dow Jones Industrial Average was slightly lower, losing 0.05% at 10:41 am CET.
  • The Nasdaq 100 is trading 0.26% above its fixed line at 10:41 am CET.
  • At the same time, the S&P 500 rose 0.12%.


The dollar index, which tracks the performance of the greenback versus a basket of six currencies, was steady at 97.51 points. The euro rose 0.20% against the US dollar, trading against $ 1.1222 at 4:40 am CET.

  • Gold futures fell 0.7% or $ 10.8 to $ 1508.8 an ounce, at 09:57 AM CET.
  • Spot delivery price fell 0.23% at $ 1497.7. At 09:57 AM CET.
  • Silver futures for September delivery settled up 4.6%, or 75.1 cents, to $ 17.196 an ounce, the biggest daily gain since Sept. 6, 2016.


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