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Gold prices are trading mixed as US stock markets rally

2019-08-29 11:47 am | Resource: News | No Views : 23

 Gold prices are trading mixed as US stock markets rally

Gold prices were steady slightly lower on Thursday, as some easing of trade concerns and optimism about the formation of a new government in Italy helped lift demand for riskier assets such as stocks. Gold prices remain supported to some extent by increasing UK exit opportunities and fears of slowing global growth.

Wall Street rises in pre-opening market, the Dow rose to 250 points

Major stock markets in the United States posted a notable rise in the pre-Thursday market as Beijing changed the tone of the trade dispute and urged Washington to abandon the planned tariff increase. The country's trade ministry earlier called on the United States to reconsider the additional tariffs, noting that Beijing has "sufficient means of retaliation."

San Francisco Federal Reserve Chairman Mary Daley said she saw the rate cut by the US central bank in July as a reinstatement of monetary policy in order to be a little more accommodating, adding that she would need to "monitor and consider" to determine if there is any need for more Of cuts. Daly went on to say that the United States was growing at a strong pace, stressing that the economy is in a position to continue expanding slightly above the trend. However, it has faced headwinds of uncertainty and slowing global growth.

If inflation is “stronger, it will be trustworthy for me,” Daley said, noting that she would consider further interest rate cuts if the data were weak.
  • The Dow Jones Industrial Average rose 251 points, or 0.97% at 12:07 CET.
  • The Nasdaq 100 jumped 1.28% at the same time.
  • Meanwhile, the S&P 500 rose 0.97% at 12:08 CET.

The euro traded steadily against the US dollar, trading at 1.10752 at 6:08 am ET.

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