Gold shrugs off Japan disappointment as safety bids support
ecPulse
2014-11-17 14:53PM UTC
Gold prices completed on Monday its gain rally after economic data showed recession in the Japanese economy, the world’s third largest economy in the world during the third quarter. The economic data came in contrast with the expectations that supported the demand for gold as a safe-haven, in conjunction with signals on the recovery of actual demand levels. Gold prices inched up to $1,188.95 an ounce at 11:54 GMT compared to the entry levels $1,186.46, and achieved its highest at $1,194.23 and lowest at $1,182.07 an ounce. Gold prices benefited from the demand on the metal as a safe-haven after the Japanese economy returned to recession, as the GDP preliminary reading for the third quarter retracted 0.4% opposite to the expected 0.5%. This came with indications on the recovery of physical demand after gold prices fell to its lowest level in four years, and that weighed on investor’s risk for appetite and pushed them to turn liquidity to gold, which is a safe-haven and an alternative for investment. The yellow metal consolidated positively with the beginning of this week amid anticipation of the US manufacturing data and the European Central Bank president Mario Draghi’s statement later on Monday.
Commodities News
Commodities
Brent climbs 1.25% after Saudi crude price hike
2024-05-06 14:34PM UTC
International benchmark Brent rose 1.25% in the early American trade on track for the first profit ...
Commodities
Gold recovers as dollar loses ground
2024-05-06 09:32AM UTC
Gold prices rose in European trade on Monday for the first session in three days away from ...
Commodities
Oil prices reverse lower, with US crude slumping 7% this week
2024-05-03 19:36PM UTC
Oil prices fell on Friday to seven-week lows amid concerns about oversupplies after an unexpected ...
Commodities Technical Analysis
Commodities
Coffee price collapses – Forecast today – 7-5-2024
2024-05-07 05:38AM UTC
Expected Scenarios and Trading Range Scenario 1: Strong Negative Pressure Coffee price fails ...
Commodities
Natural gas price needs to confirm the breach – Forecast today – 7-5-2024
2024-05-07 05:37AM UTC
Expected Scenarios and Trading Range Scenario 1: Attempted Breakout Natural gas price ...
Commodities
Platinum price leans above the moving average – Forecast today – 7-5-2024
2024-05-07 05:31AM UTC
Expected Scenarios and Trading Range Scenario 1: Positive Stability Platinum price maintains ...