Gold rises for fifth session to ten-month peak

Economies.com
2019-02-20 04:17AM UTC

Gold futures rose in Asian trade to April 19 highs as the dollar index fell off December 17 highs, ahead of the Federal Reserve's meeting minutes. 

 

As of 04:11 GMT, gold futures due in April rose 0.22% to $1,347.00 an ounce, marking ten-month highs, while the dollar index shed 0.02% to 96.50 off two-month highs. 

 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever. 

 

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

 

However markets still don't see noticeable results despite the positive remarks, spreading doubts. 

 

Now investors await the Federal Reserve's meeting minutes for the January 29-30 meeting, at which policymakers voted to hold rates unchanged below 2.50%. 

 

Former Federal Reserve Chair Janet Yellen surprised the markets by saying the next move by the Fed will probably a rate hike as the global economy slows down and weighs on the US. 

 

Global Gold Council 

 

Global Gold Council's recent data showed purchases by global central banks rose to 1967 highs last year at 651.5 tonnes, up 74% from 2017 levels, with highest bidders being China, Poland, and Russia. 

 

The council estimated global consumption of gold rose to 4,345.1 tonnes last year from 4,159.9 tonnes, while jewels demand steadied at 2,200 tonnes. 

 

Demand from financial institutions on the other hand tumbled 67% from 2017 levels.

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