GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold tacks on
Information is not investment advice
On Monday, gold managed to rally in Asia because recession worries sparked safe-haven demand.
As a matter of fact, on the Comex exchange, gold futures jumped by 0.3% being worth $1322.05. The previous week the yellow metal demonstrated its weekly profit in a row, soaring by up to 1%, which is the most impressive outcome since early February.
Additionally, the spread between 3-month Treasury bills as well as 10-year note gains reversed for the first time since 2007 right after American manufacturing data missed forecasts. The given reverse of the yield curve is generally considered to be a major gauge of recession.
In fact, the news sent global shares down, with Japan’s Nikkei 225 diving over 3% on Monday. As for the Hang Seng Index, it decreased by 2% in Hong Kong.
Additionally, the yellow metal headed north because the appetite for safer assets tacked on.
Market experts told that price action in the yellow metal keeps backing their view that expected data deterioration will assist to cause a gold leap because interests rates keep diving against the backdrop of a decelerating global economy.
The major US bank kept interest rates intact earlier this month and stressed that there wouldn’t be any further rate lifts in 2019, although in December the Fed had hinted at two probable rate lifts.
In addition to this, the uncertain Brexit situation is going to be closely watched. Friday’s deadline for Great Britain to depart from the European bloc has been pushed back by a couple of weeks to April 12
If lawmakers don’t want to approve the deal for the third time, then a number of options, such as a no-deal Brexit, will become available.
Similar
Gold fell below $1,700
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
GOLD: approaching $1,800!
The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Popular
Risk-on is back. Market news and trade ideas on July 9
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
Choose your payment system
