Gold closes near 2-week high amid global growth concerns

Economies.com
2019-07-15 18:48PM UTC

Gold prices rose slightly today as US dollar turned higher against most major currencies.

 

The precious metal drew support from market concerns about a slowing global economic growth following China's GDP data, which grew only by 6.2 percent in the second quarter, which is the slowest quarterly growth since 1992.

 

Separately, by 18:33 GMT, the dollar index (against a number of major currencies) rose by 0.1% to 96.9 points, with a high of 96.9 points and a low of 96.7 points.

 

Federal Reserve Chairman Jerome Powell gave his semi-annual testimony before the US Congress last week, underlining the pressures and risks surrounding the US economy, which was interpreted by the markets as a hint of a near rate cut.

 

In terms of trading, gold futures (August delivery) rose by 0.1% to close at $1,413.5 per ounce, the highest closing since July 3, and the precious metal hit a high of $1421.6 and a low of $1409.3.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Oil Analysis

Commodities

End of day crude oil price forecast update - 28-03-2024
2024-03-28 17:43PM UTC
Crude oil price breached 82.40$ strongly to rally upwards and approach our waited target at 83.56$, ...
Gold Analysis

Commodities

End of day gold price forecast update - 28-03-2024
2024-03-28 17:43PM UTC
Gold price rallied upwards strongly to succeed touching our waited target at 2222.86$ and attempts ...
Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...