- Analytics
- News and Tools
- Market News
- Gold trading moderately higher today
Gold trading moderately higher today
Gold rose moderately, supported by the weakening of the US dollar and increased demand for safe-haven assets in response to the fall in world stock markets.
The US Dollar Index, showing the US dollar against a basket of six major currencies, was trading lower by 0.3%. Since gold prices are tied to the dollar, a weaker dollar makes the precious metal cheaper for holders of foreign currencies. "Gold prices have difficulties to sustain an upward movement, but also reluctant to move down, investors are waiting for new drivers", - said Georgette Boele of ABN AMRO.
Traders note that some investors have started to buy gold after world markets fell to 3-week lows in response to weak trade data from China, revived concerns about the state of the second-largest economy in the world.
"Noted an increase in purchases of physical gold in Asia, mostly from China and exchange-traded funds", - said one of the Chinese traders in precious metals.
A slight pressure on the gold had data on the US labor market, which increased the probability of a Fed rate hike until the end of the year.
The cost of the October futures for gold on COMEX rose to $ 1257.6 per ounce.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
