Otmane El Rhazi from
The Bullion Desk.
- The gold price climbed to its highest level in more than a month this week.
- The advance was largely driven by the Fed July meeting minutes that were released on Wednesday and left the market less sure of a September interest rate rise.
- As well, gold is being lifted by risk aversion in markets as commodities prices and emerging market currencies continue to fall.
- Global stock markets are heading for their worst week of the year as Chinese data released overnight added to concerns about global economic growth. Flash manufacturing PMI reading from the country was the lowest level since March 2009.
- Looking ahead, gold could remain supported in the short-term by further short-covering and safe-haven demand.
- Still, investors remain cautious, as any change in interest rate expectations could hit gold again. For now, the metal is set for its biggest weekly gain since January.
|
The post GOLD WEBCAST – Gold price rallies on safe-haven demand appeared first on The Bullion Desk.
No comments:
Post a Comment