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Gold prices rise amid hopes of stimulus from major central banks

2019-09-09 12:36 pm | Resource: News | No Views : 35

 Gold prices rise amid hopes of stimulus from major central banks

Gold prices rose slightly on Monday as weak economic data from the US and China raised hopes for more stimulus from global central banks. Data released on Friday showed US jobs growth weaker than expected in August, while data from China showed that the country's exports unexpectedly fell in the month.

High Stock Futures

US stock index futures rose on Monday, as mixed global economic data raised expectations of monetary stimulus from central banks, including the US Federal Reserve. Bets rose as the Fed cut interest rates after data showed that the US economy added less-than-expected jobs in August.

The US economy slowed slightly more than initially thought in the second quarter, as declines in domestic and government spending, exports, private equity investment, and residential investment were partially offset by an upward revision of personal consumption expenditures. The European Central Bank will meet on Thursday as markets expect interest rate cuts with some new stimulus package.

The US dollar is consolidating against a basket of major currencies after Federal Reserve Chairman Jerome Powell reiterated his repeated pledge that the Fed "will act as necessary" to maintain US economic expansion. Equities were set to extend their gains from last week, which ended with Fed Chairman Jerome Powell saying the Fed would "act as necessary" to maintain economic expansion, a phrase read by financial markets as signs of future rate cuts.
 
  • At 13:03 am GMT, the Dow rose 54 points, or 0.2%.
  • At the same time, the S&P 500 rose 7.25 points, or 0.24%.
  • The Nasdaq 100 gained 16.75 points, or 0.21%.

Gold Trading
  • Spot gold rose 0.2 percent to $ 1,510.97 an ounce, after falling about 1 percent in the previous session.
  • US gold futures rose 0.15 percent to $ 1,517.75 an ounce.


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