Gold tries to recover from 1-month low

2019-09-11 12:26:10 GMT (Economies.com)
Gold tries to recover from 1-month low

Gold prices rose today in the European market, for the first day in the last 5, in attempts to recover from 1-month low hit yesterday, while dollar's rise against a basket of currencies curbs gold's gains.

 

Gold prices rose by 0.6% to $1,495.02 an ounce, from the opening of $1,485.66, with a low of $1,485.03.

 

Yesterday, gold closed lower by 0.9%, its fourth daily loss in a row, as it slumped to a 1-month low of $1,484.48 an ounce.

 

Gold fell on low heaven demand as risk appetite improved, in addition to profit-taking from a 6-year high on last Wednesday

 

That risk appetite improved after the announcement of the latest round of the US-China trade talks by next month, in addition to British Parliament passing a bill to prevent the no-deal Brexit.

 

The dollar index rose by 0.2% today against a basket of currencies, extending its gains for the second straight day, which doesn't favor most metals and commodities denominated in dollars.

 

Dollar drew support from the 10-year US Treasury yield rising to a 3-week high, as market risk appetite improved and recession fears in the US eased.

 

Gold holdings at SPDR Gold Trust, remained unchanged yesterday to a total of 882.42 metric tons (the lowest level since September 2).

 
 
 
  Symbol Last Change Chg.%
1.1020
0.0000
0.0045%
1.2472
0.0003
0.0236%
17.964
0.513
2.940%
58.477
3.583
6.527%
64.28
-0.12
0.19%
1516.410
27.430
1.842%
 
 
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