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Gold metal declined as the dollar stabilized and global stocks fell

2019-10-18 09:51 am | Resource: News | No Views : 77

  Gold  metal declined as the dollar stabilized and global stocks fell

Gold fell Friday to record a one-week low as the dollar stabilized, as the British parliament's vote on a draft Brexit deal reached by the United Kingdom and the European Union.

The stability of the dollar and the decline of global stocks

Global stocks fell on Friday after China posted its weakest quarterly economic growth rate in three decades, underscoring investor concern about trade-related slowdowns in major markets around the world and refocusing on the fate of ongoing trade talks between Washington and Beijing. China's statistics office said on Friday that China's GDP growth rate in the third quarter reached 6%, down from 6.2% in the previous three months and slower since the first quarter of 1992.

As exports slow down, manufacturing ceases and domestic demand erodes, China faces significant headwinds in the coming months, regardless of the outcome of trade negotiations with the US, and may look to add more monetary and fiscal stimulus to avoid a deterioration of the country's labor market. , Which the government has said in the past may be linked to social unrest.

On the other hand, US stock futures seem poised for a modest decline at the opening bell
  • Dow Jones Industrial Average futures were down 64 points
  • Contracts linked to the Standard & Poor's 500 Index are geared towards a 8.1-point decline for the broader benchmark.
 Meanwhile, the dollar index, which tracks the performance of the greenback versus a basket of six currencies, was steady at 97.58 points. The Euro rose again the US dollar by 0.05% to 1.1288 at 4:31 am ET while the British pound gained 0.09% to hit 1.29017 against the dollar.

Yellow metal trades
  • Yellow metal futures fell 0.4%, or $ 6, to $ 1492.3 an ounce, after hitting yesterday's highest since October 10.
  • Spot delivery fell 0.24% at $ 1488.26 at 11:14 AM CET.


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