Gold scales ten-month highs, dollar off two-month highs

Economies.com
2019-02-18 04:21AM UTC

Gold futures rose to April 20 gighs as the dollar index fell off December 17 highs, as the US market closes down for a national holiday. 

 

As of 04:04 GMT, gold futures due in April rose 0.22% to $1,328.00 an ounce to ten-month highs while the dollar index shed 0.05% to 96.75. 

 

Gold continues to benefit from dollar's drop following a spate of weak US data and on weak prospects for US rate hikes in 2019. 

 

Optimism is rising for US-China trade talks, with both Chinese and US Presidents praising progress in negotiations. 

 

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. 

 

Now investors await the release of the Federal Reserve's January 29-30 policy meeting, at which policymakers held interest rates between 2.25% and 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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