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Gold fell and Chinese Bank increases the holdings of the yellow metal

2019-10-07 09:30 am | Resource: News | No Views : 43

Gold Fall and Chinese Bank increases the holdings of the yellow metal

Gold prices fell but are still higher 1500 dollars, despite a decline of 3.2% in September, but still up about 18% this year so far with the marginal appreciation of the US currency, and came with gold prices in September to the highest level in more than six Years, amid concerns about slowing economic growth and trade tensions. After an unconfirmed press report that China is looking to ignore industrial policy and support for domestic companies from trade negotiations with the administration in Washington.

The  Bank of China continues to strengthen its gold holdings for the tenth consecutive month

In other news, the People's Bank of China has raised its holdings of yellow metal by more than 100 tons of gold to its reserves since it resumed the purchase in December, as the bank has continued to strengthen its holdings of precious metal for ten consecutive months. According to data on the bank's website, China's yellow metal holdings rose in September to 62.64 million ounces from 62.45 million in August.

The Dow fell nearly 150 points in the pre-sales market due to trade concerns

Wall Street stocks were in the red in the market on Monday and overall losses in stocks fell due to a drop in the US unemployment rate to 3.5%, the lowest since December 1969. In other news, the White House began withdrawing troops from the area in Northeast Syria, where Turkey plans to launch an offensive against Kurdish-majority militias.
  • The Dow Jones Industrial Average fell about 150 points, or 0.52%.
  • The Nasdaq 100 fell 0.53%.
  • The S&P 500 was 0.51% in negative territory.
The dollar index, which tracks the performance of the greenback versus a basket of six currencies, rose marginally 0.1% to 98.9 points. The euro was down 0.14% at $ 1.09636, and the British pound was down 0.31% to $ 1.22981 at 11:00 CET.

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