Gold slips, dollar barely lower for first session in seven

2019-02-08 09:18:06 GMT (
Gold slips, dollar barely lower for first session in seven

Gold futures tilted lower in Asian trade off April 25 highs for the fourth session out of six, while the dollar index barely slipped for the day, potentially snapping the longest winning streak since November 2016 amid ongoing concerns over US-China trade dispute and global growth. 


As of 03:37 GMT, gold futures due in April slipped 0.09% to $1,312.60 an ounce, while the dollar index rose 0.06% to 96.44, marking January 25 highs. 


US President Donald Trump said he doesn't intent to meet with his Chinese counterpart Xi Jinping before the final deadline for their trade truce in early March, in turn sparking concerns over the trade dispute. 


Bank of England Governor Mark Carney warned that a no-deal Brexit would raise economic recession risks, adding that resulting uncertainty would harm trade and finances considerably. 


The BoE cut growth estimates for the UK to 1.2% from 1.7% previously. 


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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