Gold Market, Business News (Liberal Tribune): Gold prices raised over 1% on Wednesday, driven by tough safe haven sentiment as desires of a quick end to the China-U.S exchange row washed out and a new deal front in Europe deepened worries over tepid economic progress.
Spot gold was high 0.7% at $1,427.64 per degree at 0438 GMT, after previously moving a one-week up of $1,435.99, Gold Market globally.
Gold market: Global trade in focal point:
U.S. gold prospects were up 1.6% to $1,430.80 per ounce.
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Experts suggest that Gold and Silver prices are likely to remain volatile ahead of the outcome of the US Fed meeting and the likely range could be 37,800-38,200.
Gold prices retreated from highs to slip below Rs 38,000 per 10 gm in the futures trade on September 18 ahead of the outcome of US Federal Reserve’s two-day meeting, where policymakers are expected to cut interest rates.
Around 0910 hours, MCX Gold traded at Rs 37,918 per 10 grams, down Rs 98, or 0.26 percent.
Gold traded steady in the international market on September 17 as spot Gold held on to $1500 levels, but the domestic market showed volatility due to a weak Rupee.
Gold retested Rs 37,861 in early trade on September 16 but held on to the crucial support of 37,800 and move upward towards 38,179.
“Net Gold prices are expected to move in a broader range of Rs 37,800-38,200 while Silver remains firm and show some up move in today’s session,” he said.
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Gold prices have risen nearly 16% this year, and by around $ 100 an ounce this week, as investors turned to the precious metal seen as a safe haven amid the bruising US-China trade and currency war.
As the week opened, PBOC of China fixed Yuan at 6.97% against the dollar and Trump and US Fed commented that the China is acting as a currency manipulator.
As, mentioned previously that whatever Trump has done against China in its history is the worst trade war of this decade.
And big time sufferers are US companies and global economies as they are on the verge of recession.
The dimming global economic outlook, fuelled by heightening trade tensions between the U.S. and China are boosting gold’s appeal as a hedge against financial turmoil.
Gold is likely to show higher volatility and now over all range is expected to be $1500-$1550.
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