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Gold prices after Fed opens doors for potential interest rate cut



Melted gold flows out of the melting furnace into a mold from a kilogram bar at a gold processing plant and a Argor-Heraeus SA bar producer in the southern Swiss city of Mendrisio

Arnd Wiegmann | Reuters Gold futures jumped for a second consecutive day on Friday, touching levels that were not seen for nearly 6 years At 12:16 am HK / SIN spot gold jumped 1.3 percent to about $ 1,405.83 per ounce – jumped the past $ 1,400 level for the first time since September 2013. Gold futures also rose 0.92% to $ 1

,409.70 per ounce.

Gold prices climbed a day earlier, after the US Federal Reserve opened the door for a potential interest rate cut in the future, and for the first time since November 2016, the yield on the 10-year Treasury note was below 2% – key psychological level. The index, which tracks green money against a basket of currencies, also fell to 96,543 after touching levels above 97.6 earlier in the week.

"Gold prices have recovered from their low levels and we believe that this rise may be sustainable," notes the Singapore Strategy group's DBS Group Research strategy. "Raising political tensions, lower yields on bonds and (the US dollar) at the edge of reversal should make the rest of the 2019s very interesting for the metal."

Also on Thursday, European Central Bank President Mario Draghi said the "additional stimulus will be necessary" if the economic situation worsens in the coming months, Japan Bank Governor Haruhiko Kuroda also said on Thursday that the central bank would " expanding the incentives without hesitation "- if the economy lost momentum towards achieving the 2% inflation target

Tensions in the Middle East Still Continuing Iran Takes US Unmanned Airplane Into Quarter After the central banks loosened monetary policy, and US growth was potentially topping up geopolitical risks, analysts at Citi said Thursday they were updating their long-term gold targets [19659002]. costing $ 6 to $ 12 million at a price of $ 1400 / ounce, and we are now moving to the $ 1,450- $ 3 million target, depending on the large FOMC in July (e.g. 50 bps and further sign-up). "19659002] – Correction: This article was updated to reflect that spot gold prices crossed the $ 1,400 mark for the first time since September 2013


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