Gold hovers close to 15-week high as rate cut hopes fuel demand | Metals Mine

  • Gold hovers close to 15-week high as rate cut hopes fuel demand

    From uk.reuters.com

    Gold prices pared earlier gains on Wednesday, having jumped to their highest in 15 weeks as nagging fears about global trade and expectations of a U.S. interest rate cut encouraged investors to flock toward bullion. Spot gold was up 0.4% at $1,329.57 per ounce at 1:55 p.m. EDT (1755 GMT). The metal had earlier soared as much as 1.4% to $1,343.86, within striking distance of a 10-month peak at $1,346.73 scaled on Feb. 20. U.S. gold futures settled up 0.4% at $1,333.60 an ounce. “Powell’s speech yesterday about how he is going to watch the economy for the potential of lowering the interest rate, that seemed to ... (full story)

Comment Options
SurfsUp
Jun 5, 2019 4:18pm
Permalink
I am not seeing anything in the socio-political sphere that will calm the nagging fears of traders - in fact I still feel there is more overall downward economy risk. And, with pressure to juice the US economy in front of elections, I am not certain the Fed will be able to avoid the cuts we are growing to expect.

My gut says that long-term gold is a buy vs. USD.
Reply
  • Story Stats