Wait...
  1. Home >
  2. Export Import News >
  3. Economy News >
  4. Gold sprints to over five-year peak after Fed hints at rate cuts >
  5. Gold sprints to over five-year peak after Fed hints at rate cuts

Online Export Import Data Search

Complete Training Video : Click Here

Gold sprints to over five-year peak after Fed hints at rate cuts.


Date: 20-06-2019
Subject: Gold sprints to over five-year peak after Fed hints at rate cuts
Gold prices surged as much as 1.8% to their highest in more than five years on Thursday after the U.S. Federal Reserve signalled possible interest rate cuts later this year, sending the dollar and U.S. Treasury yields lower.

Spot gold jumped 1.4% to $1,378.70 per ounce as of 0252 GMT, after hitting its highest since March 17, 2014 at $1,383.81.

U.S. gold futures surged 2.5% to $1,382.70 an ounce.

The Federal Reserve on Wednesday said it was ready to battle growing global and domestic economic risks with interest rate cuts beginning as early as next month, as it took stock of rising trade tensions and growing concerns about weak inflation.

RELATED NEWS
OPEC wrangle over meeting date exposes deepening Saudi-Iran rift
[email protected] | Iron Ore prices up by 4%
Gold trading flat at Rs 33,042 per 10 gram in evening trade
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

"The weakness in the dollar seen due to the rate cut expectations and a lot of short covering due to the sudden jump in prices are behind the sharp move," said Benjamin Lu, analyst, Phillip Futures, adding that some of the weaker stop losses were taken out.

"With this move, the target for gold investors has moved to $1,400 and the key is to sustain this momentum for this week. On the longer term, it is going to be difficult to stay above $1,400 as with better conditions for riskier assets due to rate cuts, investors might move to equities."

Even as the U.S. central bank left its benchmark interest rate unchanged for now, the shift in sentiment since its last policy meeting weighed on the dollar and U.S. Treasury yields.

"Gold has taken a nice leg up" on the back of falling yields and dollar, said Chris Weston, head of research at Melbourne-based foreign exchange brokerage Pepperstone.

"The question now is if there is going to be a 50 basis points cut in July, which could take gold into $1,400."

Meanwhile, gold priced in Australian dollars surfaced above A$2000 for the first time, hitting a record high of A$2005.23.

"It is a completely momentum trade out here ... There is a big emotional situation out here with gold trading at multi-year highs, which brings the fear of missing (factor). Gold is rallying in every currency and that for me is a truly bullish market," Weston added.

Other precious metals also rise, with silver gaining 0.5% to $15.24 per ounce, its highest in more than two months, while platinum rose 0.5% to $814.64 per ounce.

Palladium climbed 0.4% to $1,505.75 per ounce, its highest in 12 weeks.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-09-2019



Date: 17-09-2019
Notification No. 30/2019-Customs
Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Date: 14-09-2019
NOTIFICATION No. 37/2019-Customs (ADD)
Seeks to impose the definitive anti-dumping duty on the imports of "Electrical Insulators" originating in, or/and exported from China PR.

Date: 14-09-2019
NOTIFICATION No. 36/2019-Customs (ADD)
Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015.

Date: 13-09-2019
Notification No. 64/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 13-09-2019
Public Notice No. 33/2015-2020
Annexure I to Appendix 2A revised.

Date: 13-09-2019
PUBLIC NOTICE NO. 32/2015-2020
Enlistment under Appendix 2E of M/s Expo Overseas Entrepreneurs Association (EOEA) Indore Madhya Pradesh- Authorized to issue Certificate of Origin (Non-Preferential)- reg.

Date: 13-09-2019
Notification No. 65/ 2019-Customs (N.T.)
Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana

Date: 13-09-2019
Circular No. 31/2019-Customs
Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Date: 12-09-2019
Notification No. 43/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001