Gold prices set for the second weekly rise on US-China trade deal uncertainties
Gold prices were little changed on Friday as investors evaluated whether the Federal Reserve`s would continue to cut rates, but the metal was set for a second weekly gain as the uncertainty surrounding a US-China trade deal boosted safe-haven appeal.
Gold prices were little changed on Friday as investors evaluated whether the Federal Reserve`s would continue to cut rates, but the metal was set for a second weekly gain as the uncertainty surrounding a US-China trade deal boosted safe-haven appeal.
Spot gold was little changed at $1,512.54 per ounce at 0139 GMT, while US gold futures were also flat at $1,514.90 per ounce. Spot gold is set to rise 0.5% this week after a 1% gain the previous week.
See Zee Business Live TV streaming below:
Chile`s decision to cancel the Nov. 16-17 Asia-Pacific Economic Cooperation summit disrupted plans for the United States and China to sign an interim trade deal, but U.S. President Donald Trump said the two countries would soon announce a new site to sign a "Phase One" trade agreement. A near 16-months long trade war between the two economies has slowed global trade, stirred recession fears for some economies and roiled financial markets.
The U.S. Federal Reserve on Wednesday lowered its policy rate by a quarter of a percentage point to a target range of 1.50% to 1.75% but signalled there would be no further reductions unless the economy takes a turn for the worse. But a flattening yield curve indicates market participants believe the US Federal Reserve may be pausing its interest rate cuts too soon.
The number of Americans filing applications for unemployment benefits rose slightly more than expected last week, pointing out to the concerns of an economic slowdown still existing. The Institute for Supply Management is due to release data from its survey of purchasing managers on later in the day.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
08:47 AM IST