8 February, 2019
The postponed US-China summit as well as weaker estimates for the EU are playing into a decelerating global surge narrative, which could potentially brighten gold bugs' expectations.
On Thursday, the yellow metal stood still after NBC informed that a meeting between US leader and his Chinese rival Xi Jinping wouldn’t probably occur before the March 1 deadline set by America for concluding a trade deal.
American equities were pressured too after the European Commission had its euro zone surge estimates slashed for 2019 and 2020 because of a sudden deceleration in the largest countries of the EU, partly on trade clashes.
After Wall Street's firm run in January — on soothing trade worries, a dovish major US bank as well as mostly positive American earnings — the stock market has wobbled in February on gloomy estimates from several American companies.
As for futures trading, on the Comex exchange April delivery gold futures headed south by 20 cents being worth $1,314.20 per ounce.
Besides this, the spot gold contract managed to ascend by 0.3% concluding the trading session at $1,310.79 per ounce.
Gold futures reached maximums above $1,300 for five sessions in a row through January 31, with an absolute peak at $1,331.10. The ascend was pushed by traders ramping up their stakes in the metal in the face of Fed reassurances that it’s going to be patient enough with rate lifts. By the way, at its January gathering, the key US financial institution hinted that it would leave its key rates on hold.
Since that ascend, the financial market happened to have hit a temporary top as the evergreen buck managed to regain its mantle as a safe haven counterpart to the yellow metal.
Meanwhile, silver futures tacked on by 0.1% showing $15.72 per ounce.
Copper lost 0.4% being worth $2.85 per lb.
The evergreen buck was held back from dismal American services data, notwithstanding experts reaffirming the services sector was still firm...
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On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head...
The yellow metal's objective for $1,300 is still intact, although gold bugs don't seem to hurry to get there, expecting equity markets to dive for the next big move up...
The evergreen buck slumped 0.4% being worth 108.81 yen, having dropped to 108.33 yen on Tuesday, which is its lowest outcome since mid-April...
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EUR/USD spiked to 1.0653 in the course of the Asian session (its biggest intraday gain since early November). The US dollar slackened on the year-end profit-taking. There wasn’t any news hitting the wires. Italy’s government is going to bailout the country’s banks...