Home / International/ Gold holds firm above $1,500 on global growth worries

Gold holds firm above $1,500 on global growth worries


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 13 August 2019 00:00

Facebook

Reuters: Gold rose on Monday, holding above the psychological $1,500 level as investors’ demand for safe-haven bullion increased on concerns over the impact of the trade war between Washington and Beijing on global economic growth. 

Spot gold was up 0.5% at $1,504.55 per ounce at 1202 GMT, holding close to last week’s six-year high of $1,510. US gold futures were up 0.6% at $1,517.40 an ounce. 

“(There are) fears of slowdown in the global economy, and the trade talks (between the United States and China) are not going the best way,” ActivTrades analyst Carlo Alberto De Casa said. “There is still room for gold to go up.” US President Donald Trump said on Friday he was not ready to make a deal with China and even called the September round of trade talks into question. 

The yen and bonds - also often seen as offering protection from risk - rose, while stocks struggled, hurt by fears a prolonged trade war and Britain’s looming exit from the European Union could tip top economies into recession. 

With no sign of trade tensions between the US and China abating, MKS PAMP said in a note that gold could continue to build momentum, with global growth concerns and central bank easing also helping the rally. 

Analysts said negative debt yields around the globe were further supporting bullion.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

State of the economy of Sri Lanka

Saturday, 21 September 2019

I am not an economist nor do I profess to be an economic analyst. The views expressed in this presentation are those of a layman who has always been interested in the economic progress of Sri Lanka.


Premadasa, Père et Fils

Saturday, 21 September 2019

We are what time, circumstances and history has made of us. We are trapped in history. At age 77, I refuse to trap history in my mind. This essay is an obligation to history. Although J.R. Jayewardene introduced ‘Executive Presidentialism’, coer


Economy, business community and the Prime Minister

Friday, 20 September 2019

The speech made by Prime Minister Ranil Wickremesinghe as the Chief Guest of the Sri Lanka Economic Summit 2019 deserves very careful consideration by the country due to several reasons. This will no doubt be his last speech on economic policy to be


Sri Lanka needs to invest more on soft infrastructure

Friday, 20 September 2019

Developing countries like Sri Lanka will have to prepare for further downside risks in 2020 with the growing debt problems and the growth problems in Europe and the slowdown in Asia. Slower growth is already visible in weakening global trade and comm


Columnists More