Observing news today one can easily get disappointed. However, things are getting better.
Gold stands still on hopes for US-China trade talks
On Thursday, gold stood still against the backdrop of news of probable US-China trade negotiations, although the yellow metal was held down by a firmer evergreen buck.
December delivery gold futures rallied by 0.07% being worth $1,211.70 a troy ounce.
America is proposing another round of trade negotiations with China in an attempt to avert fresh levies.
American leader has threatened to slap duties on nearly all China’s goods, or approximately $467 billion in products, while China wants to ask the WTO for the official permission to slap sanctions on its trade partner at a gathering next week.
A long-lasting trade feud between China and American kept driving market participants to purchase the evergreen buck, thus suppressing the yellow metal because investors feel that America has less to lose in this trade conflict. Gold has been stuck in the $1,200 band for the last two weeks because traders shift to the safe-haven appeal of the US currency.
As a rule, the yellow commodity inches down each time the American dollar jumps because it’s simply denominated in this currency, therefore, it can’t neglect any changes in the value of the evergreen buck. The yellow metal becomes more costly for those who keep other currencies when the evergreen buck tacks on, and accordingly more affordable when it dives.
Market participants are also awaiting consumer prices data a bit later in the day for further clues on the key US bank’s monetary policy. The given data is expected to show up just a day after a sudden sink in producer prices. However, the Federal Reserve is generally anticipated to have rates raised already this month.
Estimating the greenback’s purchasing power against a pack of its primary counterparts the USD index inched up by 0.12% trading at 94.93.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
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The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?