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Gold fell after the talk of Jerome Powell and the dollar rise

2019-02-07 11:32 am | Resource: NEWS | No Views : 203



 Gold prices fell near a one-week low on Thursday as the dollar rose with Treasury bonds after a positive assessment of the US economy from Federal Reserve Chairman Jerome Powell.

"The world's largest economy is now in good shape, with unemployment and inflation falling by almost 2 percent," the head of the central bank at the City Hall in Washington, DC, told a group of teachers.

On interest rates, former Federal Reserve Chairman Janet Yellen said the central bank may consider cutting interest rates, especially if a slowdown in global economic growth could cause damage to the US economy. In response to a question on the monetary policy of the central bank, Yelen said in a CNBC interview that a rate cut decision would be possible in that case.

If the global economic growth continues to slow down and falls into the US economy at a time when financial conditions are markedly weak, the central bank's likely reaction would be to re-facilitate monetary policy, the former Fed chairman said. The current Fed chairman, Jerome Powell, hinted last week that the central bank would slow down the rate of interest rate hike gradually in the coming period.

As the Pound struggled before the Bank of England meeting, the Aussie and the Kiwi declined after the Reserve Bank of Australia moved away from its previous bias.

Amid mounting economic concerns, the Reserve Bank of Australia opened the door today for a possible rate cut.

And fears of a slowing global economy and emerging especially after the European Central Bank published the Bank's Economic Bulletin on Thursday, which said that the loss of momentum for global economic growth is due to "geopolitical uncertainty and vulnerabilities in emerging markets," despite the overall favorable financial conditions in the labor market . "Negative risks to global activity are on the rise and further escalation of trade disputes could affect global growth," she stressed.

Precious metals trading
  • Spot gold rose slightly to $ 1,307.17 an ounce after falling 0.7% in the previous session.
  • Gold futures in the US fell 0.3 percent to $ 1,310.75 an ounce.


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