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On Friday, gold managed to rally due to the fact that American leader shockingly impacted market optimism generated by the probability of renewed trade negotiations between China and America.
December deliver gold futures jumped by up to 0.2% on the Comex exchange being worth $1,210.6 per troy ounce.
US leader threw cold water on the very idea that trade negotiations initiated by the US government are aimed at clarifying disputes between China and America by writing on Tweeter that America wasn’t pressured to make a deal with the Asian partner.
After Chinese officials accepted the invitation, China Daily, the state-owned newspaper told that the Chinese government won’t buckle to American demands in any trade talks.
The newspaper told that the current US presidential administration shouldn’t think that China is going to surrender to the American demands. China claims it has enough fuel to power its national economy even if a trade conflict is going to be prolonged.
Apparently, the back and forth showed up after US leader’s threats on probable levies on literally all Chinese products. The Chinese government promised to respond.
Meanwhile, the strengthening uncertainty regarding the trade war between American and China backed gold.
In addition to this, American consumer prices rallied less than anticipated in August because profits in rents and gasoline were compensated by a dive in healthcare as well as apparel costs. As for inflation pressures, they decelerated too. The Federal Reserve is anticipated to have its benchmark interest rates lifted at its gathering already this month.
Besides this, South African miner Gold Fields Ltd is on the verge of prolonging the service life of its Cerro Corona gold mine situated in Peru till 2040. The company intends to invest up to $240 million in the mine.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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