Gold holds above $1,500 on renewed global slowdown concerns

2019-08-14 13:09:15 GMT (Economies.com)
Gold holds above $1,500 on renewed global slowdown concerns

Gold rose in the European market today to resume its gains, after a profit taking phase yesterday, to hold above the $1,500 an ounce barrier, as demand increased on safe havens again, on the renewed global economic slowdown concerns after weak Chinese data.

 

As of 10:50 GMT, gold rose by 0.4% to $1,507.75 an ounce from the opening of $1,501.89, with a high of $1,508.94, and a low of $1,494.14.

 

Gold shed 0.7% yesterday, on profit taking from a 6-year high of $1,534.97 reached earlier.

 

Gold was pushed lower yesterday after Trump’s administration decided to delay the decision to impose a 10% tariffs increase on Chinese imports worth $300 billion to mid-December instead of September 1st.

 

While gold returned above the $1,500 barrier, on the renewed global economic slowdown concerns after weak Chinese data.

 

Chinese industrial production grow in the slowest pace in more than 17 years, in addition to a slowdown in retail sales, which shows the impact of the trade war on chinese economy.

 

Gold holdings at the SPDR Gold Trust fell yesterday by 11.11 metric tonnes, the biggest daily decline since April 1, to a total of 836.66 metric tons, the lowest level since August 5

 
 
 
  Symbol Last Change Chg.%
1.1091
-0.0102
0.9113%
1.2147
0.0087
0.7243%
17.104
0.128
0.753%
54.800
0.550
1.014%
58.65
0.42
0.72%
1512.265
14.840
0.991%
 
 
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