On Wednesday, the yellow metal surged because a leap in shares, which took two of the three key American stock indexes to record peaks, cooled…
Gold approaches $1,300 once again
Britain’s economic and political issues along with a no-confidence vote on Prime Minister Theresa May following her unsuccessful Brexit deal vote gave gold traders a hope of getting back to maximums of above $1,300 an ounce.
On the Comex exchange, February delivery gold futures surged by 0.4% coming up with a reading of $1,293.80 per ounce having hit a session maximum of $1,295.
Bullion's spot price went up by 0.3% ending up with 1,293.59.
On Tuesday, both futures and bullion headed south after risk appetite got back to financial as well as commodity markets after China’s National Development and Reform Commission told it planned to make the first quarter a perfect start for the national economy, which drops a hint at a stimulus.
Market experts are assured that there could be up to 2 trillion Yuan worth of cuts in federal taxes as well as fees under the country’s stimulus measures to be disclosed in the nearer future.
The euphoria over China’s announcement rapidly fizzled on Wednesday, was replaced by new fears about a probable global recession. However, the yellow metal was still away from this year's maximums of above $1,300.40 recorded on the Comex exchange on January 4.
Aside from the three-week long partial American government shutdown as well as fears of a global economic downtime, gold traders paid much attention to Brexit talks that were going nowhere.
The no-confidence vote against Theresa, starting 2 PM ET showed up after the country’s Prime Minister faced the worst parliamentary defeat for about 100 years over her proposed agreement for Britain’s departure from the European bloc. The clock currently ticks toward March 29 final date for the UK to abandon the EU without or with an organized plan.
Palladium futures went up by 3.1% reaching $1,316.85.
Silver futures soared by 0.1% demonstrating $15.64.
As usual, the reason is hidden in US political games…
On Thursday, the yellow metal headed south in Asia due to the fact that recent economic data indicated an improved economic surge outlook and also put pressure on the safe-haven commodity…
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…