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Gold prices stabilized ahead of Fed meeting and interest rates

2019-10-28 11:37 am | Resource: News | No Views : 28

Gold prices stabilized ahead of Fed meeting and  interest rates

Gold prices stabilized on Monday after rising about 1 percent in the previous session in the hope of cutting interest rates at the next meeting of the Federal Open Market Committee. Investors await the US Federal Reserve's interest rate decision later this week, with traders pricing a 25bp cut amid uncertainty and economic slowdown caused by the US-China trade war.

Gold stabilizes as stocks rise

US stock futures rose close to an all-time high on Monday, amid reports that the United States and China are making progress in agreeing at least a temporary truce to their trade war, while the European Union has definitively denied the risk of Britain leaving the EU. . Later this week.

China sees potential for cooperation with UK leadership

After a meeting of 27 European ambassadors in Brussels, Council President Donald Tusk announced that EU leaders had agreed to give the UK another three months out of the bloc. The decision is expected to be formalized through a written procedure. Chinese Ambassador to the United Kingdom Liu Xiaoming said Monday that his country expects to cooperate with Britain in financial services after the Brexit, especially in the areas of financial and economic financing. "There is a broad and promising future for cooperation," Liu said at the UK Financial Services Summit after the Brexit conference. He noted that an emerging financial power such as China and a traditional power like the UK "can reconcile its strength and take the lead in global financial cooperation."

The ambassador also expressed confidence that London would remain an international financial center even after Britain left the European Union.

Precious Metals Trading
  • Spot gold rose 0.1 percent to $ 1505.62 an ounce.
  • US gold futures rose 0.2 percent to $ 1,508.05 an ounce.

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