GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold reaches 2-week maximums
The yellow metal is currently at an inflection point due to the fact that market participants are mulling over what's bigger to the financial market, an everlasting US-China trade clash, which could potentially knock bullion off its $1,300 perch or Brexit/Venezulea fears, which might end up in fresh 2019 maximums.
The spot price of the number one precious commodity as well as futures of gold reached two-week maximums on Friday because a string of dismal economic data as well as subdued inflation backed the Fed’s stance of being patient with future rate lifts.
Some financial analysts pointed out that the yellow metal keeps ignoring firm stocks and the greenback.
Spot gold contracts managed to ascend by 0.5% being worth $1,319.31 per ounce.
Besides this, on the Comex exchange, April delivery gold futures ascended by 0.7% ending up with $1,322.95 per ounce.
In general, gold has leapt over 12% since hitting more than 1-1/2-year minimums in mid-August, mostly on expectations for a pause in Fed rate lifts. However, the yellow metal’s run-up has also lost steam since January when the spot price hit $1,365.61 and futures demonstrated $1,331.10.
On Friday, Wall Street managed to tack on because negotiators on both sides of the trade negotiations between American and China reported decent progress in Beijing, telling that talks would resume in Washington next week.
Global commodities company Trafigura has made up its mind to cease trading crude with Venezuela because of American sanctions on the OPEC nation's energy sector.
Palladium futures managed to rally by up to 1.6% being worth $1,408.10 per ounce.
As for silver futures, they soared by 1.4% being worth $15.74 per ounce.
Besides this, platinum futures gained 2.3% demonstrating $807.20 per ounce.
Copper futures jumped by 1.2% hitting $2.81 per pound.
Similar
GOLD: approaching $1,800!
The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Gold shines as bright as $3,000
Find out the most bullish forecast for gold!
Latest news
US Federal Judge stopped TikTok's ban
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
US stimulus package improved sentiment
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
The US weekly labor data is out!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
Deposit with your local payment systems
