Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

News

11,428.3087.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Gold prices steady amid cautious mood, focus shifts to Fed

US gold futures were down 0.3 per cent at $1,508.8 per ounce.

Reuters|
Sep 18, 2019, 08.22 AM IST
0Comments
Agencies
gold-bars
Japan's exports slipped for a ninth straight month in August as international trade tensions ramped up risks for the world's third-largest economy, although the decline was slightly smaller than expected.
Gold prices were little changed on Wednesday as investors maintained a cautious stance ahead of the conclusion of US Federal Reserve's two-day meeting, where policymakers are expected to cut interest rates.

FUNDAMENTALS

Spot gold was steady at $1,501.91 per ounce, as of 0100 GMT.

US gold futures were down 0.3 per cent at $1,508.8 per ounce.

The dollar traded near a seven-week high versus the yen as oil markets recovered from a supply shock, while global stocks stood little changed ahead of Fed's policy decisions.

Late-day swings in US Federal funds futures implied late on Tuesday that traders see about a 51 per cent chance that the Fed will lower key borrowing costs by 25 basis points after the policy-setting committee meets on Wednesday, according to the CME Group's FedWatch tool.

US manufacturing output increased solidly in August, boosted by a surge in the production of machinery and other goods, but the outlook for factories remains weak amid rising headwinds from trade tensions and slowing global economies.

The United States believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran, a US official told Reuters on Tuesday, an assessment that further increases tension in the Middle East.

US President Donald Trump said on Tuesday his administration could seal a deal on trade with China before the US presidential election, or an agreement could be reached the day after US voters go to the polls.

UK Prime Minister Boris Johnson could recall parliament if Britain's highest court rules he unlawfully suspended it, a government lawyer said on Tuesday, after judges heard that Johnson wanted a shutdown because it was an obstacle to his Brexit plans.

The mood among German investors improved more than expected in September, a survey showed on Tuesday, but the ZEW institute warned that the outlook for Europe's largest economy remained negative due to trade disputes and Brexit uncertainty.

Japan's exports slipped for a ninth straight month in August as international trade tensions ramped up risks for the world's third-largest economy, although the decline was slightly smaller than expected.

A fresh gold discovery by Barrick Gold Corp in Nevada is "fantastically significant" and shows there still is rich potential in the region for exploration, Chief Executive Officer Mark Bristow said in an interview on Tuesday.

Also Read

Gold prices remain unchanged; silver marginally down

Spike in gold prices weighs on 50% of Jhunjhunwala portfolio

Drop in gold prices raises hopes of demand revival

Gold prices hold steady ahead of Fed verdict

Commodity outlook: Gold prices likely to rise; sell crude oil

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service