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Gold prices decline with slowing pace of global tensions, especially Brexit

2019-09-04 08:28 am | Resource: News | No Views : 46

Gold prices decline with the slowing pace of global tensions, especially Brexit

Gold prices fell after rising on Tuesday, with tensions over Britain's exit from the European Union without an agreement and the decline of political unrest in Hong Kong.

BNP Paribas raises its gold price forecast for 2019 and 2020

BNP Paribas raised its forecast for the average price of gold for 2019 by $ 60 compared with previous expectations to $ 1,400 an ounce, and to $ 1,560 next year. Gold prices are expected to rise above $ 1,600 an ounce in the first quarter of 2020, with the Federal Reserve cutting interest rates by a quarter-point to counter slowing US economic growth and the fallout from the trade war with China.

The trade report is unlikely to be resolved quickly, and in this context, gold will continue its traditional role as a safe haven, and holdings of ETFs are heading towards higher levels recorded in 2012.

The Dow rises 200 points before the market starts due to upbeat Chinese data

US stocks rose in pre-market trading on Wednesday, with the Dow Jones industrial average up more than 200 points, supported by upbeat PMI data from China and Japan. Recovery ”in August, while Japanese service sector activity grew at the fastest pace in almost two years.
  • The Dow rose 0.89% or 234 points before 10:10 am CET.
  • The Nasdaq 100 rose 1.45% at 10:16 am CET.
  • The S&P 500 jumped 0.98% at the same time.

The dollar index, which tracks the performance of the greenback versus a basket of six currencies, edged down 0.15% to 98.85 points, as the euro rose 0.15% against the dollar to go at 1.09897 at 10:19 am CET. , The pound rose 0.63% against the dollar, trading at 1.21571.


Gold Trading
  • Yellow metal futures fell 0.5% to $ 1547.3 an ounce, at 10:20 am CET
  • At the same time, spot delivery fell 0.6% at $ 1537.36 an ounce.


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