• MTS Gold Morning News 20180921

    21 Sep 2018 | Gold News

• Gold edged up to hit its highest in nearly a week on Thursday as the U.S. dollar slumped, its safe-haven appeal lessened by reduced fears over the near-term impact of Sino-U.S. trade tensions.

• The dollar hit a nine-week low against a basket of major currencies, while world stocks bounced up amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.

• Spot gold gained 0.2 percent at $1,205.89 per ounce by 1:36 p.m. EST (1736 GMT), having hit its highest since last Friday at $1,028.31.

• U.S. gold futures for December delivery settled up $3, or 0.3 percent, at $1,211.30 per ounce.

• “America is killing itself with these trade tariffs. (They) actually hit America far harder than (they) hit China. The idea that the dollar is all mighty and going to continue to rise is not true,” said Alasdair Macleod, head of research at GoldMoney.com.

“Gold traders are sitting on short positions (but) if the dollar comes down another notch or two, shorts in gold will start to panic. When gold starts moving, it (could) start moving very sharply (higher).”

• A new Reuters poll showed unanimous agreement that a trade war with China was bad economic policy for the United States, predicting U.S. growth would slow to 2.0 percent in the fourth quarter, less than half the last reported rate of 4.2 percent.

• “If that trade war actually drags out, you could see worries in the markets. That typically drives investors to precious metals,” said Chris Gaffney, president of world markets at TIAA Bank.

“Also, it’s inflationary. With additional and extended tariffs, prices to consumers rise, because the tariffs get passed along. That is also supporting precious metals.

• Spot silver increased 0.5 percent to $14.27 an ounce, after touching two-week highs at $14.35. Palladium climbed 1.4 percent to $1,048.49 per ounce after earlier hitting a fresh five-month high of $1,054.80.

• Platinum gained 1.4 percent at $832.70 per ounce, after hitting its highest since July 10 at $834.60.


Reference: Reuters

Related
MTS Gold Co., Ltd.
40,42,44, Sapsin Road, Wang Burapha Phirom Sub-district, Pranakorn District, Bangkok, 10200
Tel. 0 2770 7777 Fax. 0 2623 9366 E-mail: support@mtsgoldgroup.com