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Gold rises to its highest level in two weeks and dollar is stability

2019-10-25 11:40 am | Resource: News | No Views : 26

Gold rises to its highest level in two weeks  and dollar is stability

Gold rises held near two-week highs on Friday and headed for a weekly gain Gold futures rose 0.2% to $ 1,508.25 an ounce, as weak US data helped boost investor expectations that the Fed will cut borrowing costs next week.

US stock futures divergence

Futures were flat on Friday after disappointing third-quarter earnings from Amazon, which fell on yearly terms for the first time since 2017. Growth concerns re-emerged after overnight data showed that new orders for US major capital goods fell more than expected. In September, shipments also fell. Sales of new single-family homes fell in September, raising speculation that the Fed will continue to cut interest rates to support growth amid the headwinds of the long-running trade war with China.

Hopes for a solution to the Sino-US trade dispute faded after US Vice President Mike Pence adopted a tough stance in a speech on Thursday that outlines President Donald Trump's policies in China and reaffirms US support for Hong Kong protesters.

On the Brexit front, British Prime Minister Boris Johnson acknowledged for the first time that he could not meet the October 31 deadline and called for general elections. Johnson called the election after a deadlock with parliament over the timing of the vote on the bill. Parliament wanted more time to debate, while Johnson wanted to pass the bill this week so that the UK could leave the EU by October 31.
The US dollar index, which tracks the greenback versus a basket of six major currencies, was steady at 97.387.

Precious metal trades
  • Spot gold rose 0.1 percent to $ 1504.98 an ounce,
  • US gold futures rose 0.2 percent to $ 1507.75.


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