Gold dives to 3-week minimum

Gold dives to 3-week minimum

On Tuesday, the yellow metal demonstrated its lowest value for three weeks. It took place due to the fact that fears about a global economic deceleration driven investor appetite for safe haven assets.

On the Comex exchange gold futures dived to an intraday minimum of $1,276.00 a troy ounce that happens to be the weakest reading since December 28, before regaining to a reading of $1,282.55.

Besides this, spot gold hit $1,283.07 per ounce, adding nearly 0.2%.

On Monday, the International Monetary Fund had its 2019 as well as 2020 global growth estimates trimmed, referring to a bigger-than-anticipated deceleration in China and also the EU, and told that failure to tackle trade tensions could further destabilize a decelerating global economy.

The downgrade showed up several hours after China posted its slowest quarterly economic surge since the financial downtime and also its poorest annual expansion since 1990.

The news actually helped traders to neglect risky assets, including equities, and instead shift to traditional safe haven assets, such as bullion.

However, profits were restricted by a soaring evergreen buck that held near a three-week maximum versus a group of key currencies.

A stronger greenback can be a negative for commodities, priced in this asset, making them more costly to those who use other currencies.

In addition to this, silver futures went down by about 0.75% coming up with an outcome of $15.28 a troy ounce.

As for palladium futures, they managed to reach a record maximum of $1,434.50 the previous week. Nevertheless, on Tuesday, they inched down by approximately 2.4% ending up with a reading of $1,302.30.

As for platinum, this commodity headed south by about 0.7% being worth $796.80.

In addition to this, March delivery copper futures went down by 1.6% trading at $2.676 a pound.


Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Something more Important than NFP
Something more Important than NFP

For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.    

Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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