The price of gold has established a six-year record
On Wednesday, gold prices recorded the best result of growth over the last six years, as expectations of a rate cut, the fed at the end of this month pressured the dollar and prompted investors to invest in the assets of refuge.
After two days of significant growth, the dollar has weakened. The dollar index, which rose slightly to 97,44 early in the day, fell to 97,16, losing around 0.25%.
The price of gold rose $12.1, or 0.9%, to 1423,3 dollars per Troy ounce, the highest level since mid-may 2013. On Tuesday, the August gold futures fell 2.3 dollars, or about 0.2% to 1411.20 per ounce.
The Chairman of the Federal reserve system Jerome Powell said during a lunch meeting at the Bank of France in Paris on Tuesday that the Central Bank is “closely monitoring” the downside risks to growth in the U.S. and “will act accordingly to support growth.”
Hopes for a sharp decline in interest rates on Tuesday disappeared after data in the US showed a more significant than expected retail sales growth in June, while production also rose more than expected this month.
Traders also followed developments in the field of trade. The US President Donald trump, who said that the US and China have a long way to make a deal, has threatened to impose duties on Chinese goods for another $ 325 billion.
In the current situation, gold can continue growth in the global climbing and soon customers can activate otkrio long positions.
Analyst of commodity markets,
Stock Markets Group