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

Recent Searches: No Recent Searches
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: 25-08-2020



Date: 09-07-2020
Notification No. 18/2020-Customs (ADD)
Seeks to extend anti-dumping duty on import of Phenol originating in or exported from South Africa, imposed vide Notification No. 32/2015-Customs(ADD) dated 10.07.2015, up to and inclusive of 9th January, 2021.

Date: 08-07-2020
Notification No. 17/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of ' Steel and Fibre Glass Measuring tapes and their parts and components ',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR

Date: 06-07-2020
Notification No. 29/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findings of Directorate General of Trade Remedies under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017.

Date: 02-07-2020
Notification No. 55/2020 - Customs (N.T.)
Exchange Rates Notification No.55/2020-Custom (NT) dated 02.07.2020.

Date: 01-07-2020
Notification No. 58/2020 – Central Tax
Seeks to make eighth amendment (2020) to CGST Rules

Date: 30-06-2020
Notification No. 54/2020-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: 30-06-2020
Circular No.31/2020-Customs
Extension of validity of AEO certification for ease of renewal process (Modification in Circular No. 27/2020 dated 02.06.2020) [Circular No. 31/2020 - Customs dated 30.06.2020].

Date: 30-06-2020
Notification No. 57/2020 – Central Tax
Seeks to amend notification no. 52/2020-Central Tax in order to provide conditional waiver of lat fees for the period from July, 2017 to July, 2020.

Date: 30-06-2020
PUBLIC NOTICE No. 11/2015-2020
Extension of validity of Recognition of Pre-shipment Inspection Agencies (PSIAs



Exim Guru Copyright © 1999-2020 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 InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001