Gold futures are inching nearer to the necessary $1,300 threshold. With buyers dropping confidence in President Donald Trump and his means to enact a
December gold futures rose $three.50, or zero.27%, to $1,295.10 per ounce at 16:37 GMT on Monday. Gold costs pared a few of their features after hitting a day by day excessive of $1,299.70. The valuable metallic recorded a weekly gain of 0.6% last week, and has superior greater than 11%
Silver, the sister commodity to gold, is buying and selling flat to kick off the buying and selling week. September silver futures jumped $zero.01, or zero.7%, to $17.00 an oz. The white metallic additionally posted a weekly achieve of zero.1% final week.
The yellow metallic has benefited from chaos ensuing within the White House. With the barrage of every day media assaults towards President Trump, a string of resignations occurring on 1600 Pennsylvania Avenue, and the president’s incapability to implement his
After many thought the geopolitical dangers emanating from East Asia had come to an finish, there are renewed tensions between Pyongyang and Washington. This is as a result of South Korea and the US launched another round of military exercises within the area on Monday, one thing that the Kim
Gold made additional good points by a decrease US greenback because the dollar tumbled zero.36%. A weaker US greenback is sweet for commodities like gold and silver as a result of it makes it cheaper for overseas buyers to purchase gold.
According to the Commodity Futures Trading Commission (CFTC) final week, internet lengthy positions in gold spiked 30% for the week ending August 15 to 179,537 contracts. This marks the fifth consecutive week of will increase in internet lengthy positions, and can also be the very best degree of internet lengthy positions since prior to the 2016 US election.
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SOURCE: Commodity Blog – Read whole story here.