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Gold rises as dollar falls after the US interest rate cut from Fed

2019-10-31 12:44 pm | Resource: News | No Views : 20

 Gold rises as dollar falls after the US interest rate cut from Fed

Gold prices rose significantly on Thursday, a day after the US Federal Reserve cut interest rates for the third time this year, as widely expected, due to weak inflation expectations and global growth concerns.

US stocks fell in the pre-market with the emergence of trade uncertainty

Wall Street shares fell into negative territory in pre-market trade on Thursday amid a new report that China doubts the possibility of a long-term trade deal with the United States.

According to a Bloomberg report, Chinese officials have been determined in recent weeks that Beijing will not back down on many sticking points in the discussions. US President Donald Trump's rush has also contributed to growing concerns in Beijing that the trade deal will not be possible.
  • The Dow lost 69 points at 5:40 am ET
  • The S&P 500 fell 0.20%. The Nasdaq 100 rose only 0.05%.
  • At the same time, the euro rose 0.14% against the dollar, buying 1.11664.

Meanwhile, the Bank of Japan today maintained interest rates but signaled further monetary easing in the future. The central bank said interest rates were expected to remain short and long-term at current or low levels as long as necessary to achieve the goal of price stability.

The precious metal is also benefiting from growth concerns after official data showed that factory activity in China fell to an eight-month low in October.
  • The manufacturing PMI fell to 49.3 from 49.8 a month ago.
  • China's service sector also posted weak growth in October, with the corresponding index reaching 52.8, down from 53.7 in September

Gold Trading
  •  Spot gold rose 0.65 per cent to $ 1505.52 an ounce and remained on track for gains of around 2 per cent this month.
  • US gold futures rose 0.75 percent to $ 1507.90 an ounce.

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