Gold resumes rally, pushing past $1400

24 June, 2019

Gold prices resumed a push higher on Monday, as flows into the precious metal continued on improved prospects for easier monetary policy from the Federal Reserve and other central banks. August gold rose $7.50, or 0.5%, to $1,407.60 an ounce, moving as high as $1,414.80 an ounce before pulling back. On Friday, gold settled above $1,400 an ounce for the first time since Sept. 3, 2013, according to FactSet. The contract rose 0.2% to finish at $1,400.10 an ounce, and gained 4.1% for the week.

Gold’s gains last week came after a Fed meeting in which the central bank held rates steady but spoke of “uncertainties” over the U.S. economic outlook. The European Central Bank and Bank of England also made dovish comments last week. Precious metals like gold tend to attract buyers in a low interest-rate climate.

But geopolitical tensions between the U.S. and Iran and uncertainties over the global trade front have also lured investors into gold, seen as a haven investment in times of political and economic uncertainty.

Global equities rose cautiously Monday after China’s state-run Xinhua news agency said Sunday that China’s President Xi Jinping will attend the G-20 summit in Japan this week, giving the first official confirmation of his attendance at the meeting, where he has been expected to talk on the sidelines with U.S. President Donald Trump.

Over the weekend Trump said he would impose new sanctions on Iran starting Monday, days after calling a halt to airstrikes on the country which shot down a U.S. military drone. But he also suggested the two countries will eventually have a positive relationship, toning down harsher rhetoric he has employed for much of his presidency.


Source  
Oil prices just had their best quarter in 30 years2 Jul, 2020  

Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling...

Americans will remain barred from European travel1 Jul, 2020  

Travelers from a list of 15 nations will be allowed entry to the European Union starting Wednesday, but the United States is not on the list...

Markets torn between upbeat data and virus fears30 Jun, 2020  

The dollar held on to modest gains on Tuesday as upbeat U.S. home sales and Chinese factory data left traders torn between optimism about global...


Dollar keeps safe-haven bid as resurgent virus threatens recovery26 Jun, 2020  

The dollar held firm on Friday as caution over rapid rises in U.S. coronavirus cases cast doubt over the reopening of the economy, keeping demand for the safe-haven...

Markets are tied to infection data again25 Jun, 2020  

Confidence in the economic recovery has been called into question by investors. US markets on Wednesday lost more than 2.6%, and Hong Kong...

Deeper-than-expected contraction in U.S. economy19 Jun, 2020  

A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected...


What Sweden will do if there's a second wave of the coronavirus18 Jun, 2020  

Sweden attracted international attention for not implementing a strict lockdown when the coronavirus first emerged earlier this year, now the country...

Trump is preparing $1 trillion infrastructure proposal16 Jun, 2020  

Futures contracts tied to the major U.S. stock indexes rose early Tuesday morning as a Bloomberg report said President Donald Trump's administration...

Total U.S. debt surges to $55.9 trillion12 Jun, 2020  

Debt surged and household net worth tumbled in the first three months of the year as the initial impact of the coronavirus pandemic hit, according to Federal Reserve...