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Gold prices rise as global demand for precious metal rises

2019-09-02 10:08 am | Resource: News | No Views : 50

 Gold prices rise as global demand for precious metal rises

Gold prices rose as trade tensions between the world's two largest economies increased, along with data showing further weakness in China's manufacturing sector. On the other hand, the new tariff has started in both the United States and China, marking the next step in the ongoing trade dispute between the world's two largest economies. However, continued talks between the US and China appear to be going well in September with several months before more tariffs take effect on both sides in December.

High global demand for gold

In a report from Bloomberg, investors' tendency to gold in a big way. Inflows to bullion-backed bullion funds exceeded 100 tonnes in August, reaching their highest level since February 2013 as the trade war intensified, riskier assets became low, and central banks made clearer more flexible monetary policy.

Holdings rose 101.9 tons, bringing the total known assets to 2,453.4 tons as of Friday, according to data compiled by Bloomberg. This was the third consecutive monthly increase after adding 154.1 tonnes combined in June and July.

Bullion was in tears, gaining 19% this year, as the global outlook on the US-China crisis worsened. The central bank's purchase provided another layer of support, the Goldman Sachs Group Inc. (NYSE: GS). He says prices are likely to rise as official buying continues and demand for ETFs rises.

Spot gold traded at $ 1,526.34 an ounce on Monday, according to Bloomberg general prices. The metal hit $ 1,555.07 on August 26, the highest level since 2013.

Precious metal trades
  • Gold futures rose 0.2%, or $ 3.3, to $ 1532.7 an ounce, at 09:32 am CET.
  •  Spot delivery was up 0.19% at $ 1523.26 at 09:31 AM CET.

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