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Gold Rates Stay Steady Above 1490 - Gill Broking

 28 Oct 2019

The prices of Gold Commodity had seen the minor changes the last Monday. As the trade negotiations and war is escalating between the United States and China, investors are left with no other options than to wait for the clarification. Furthermore, the postponement of the important divorce deal vote by the British government had a major impact on the gold prices this year.

While the spot gold price was even i.e. around $1,490 per ounce, the United States gold futures had witnessed a downfall. According to the current sources, Asian shares had topped the share chart with the highest shares in the world. The Asia-pacific shares had seen an increase of 0.2 percent.

The Constant Changes in the Gold Prices

According to Stephen Innes (the market strategist), the share market is expanding by leaps and bounds. It is already pretty large and the continuous rumours about the United States and China trade war have led to a lot of fuss around the globe. Most of the investors are waiting for the right period i.e. when the gold prices are pulled back so that they could enter the market and begin the investment.

One thing that has always been supportive towards the gold is the recessionary concern and as long as this fear stays in the main headlines, gold will never fade from the investment market. If the current situation is taken into consideration, we do not have any particular means to drive this metal commodity in a specific direction.

The Export Sector of Economies Declining at a Steady Rate

The trade war between the United States and Sino is impacting almost all the economies in the world. In fact, Japans' current export sector has seen a major recession period, where the export segment continues to decline in the 10th consecutive month. Similarly, the export segment of South Korea and Thailand are not doing good. While South Korea exports have dropped by 19.5 percent in October, the latter has witnessed a major decline in its export demand.

As far as the Chinese economy is concerned, the prices of new apartments are rising at a fast rate. Amongst all these slowdowns and recessions in the economies, a small relief factor that has been the talk of the town is the denial of the Prime Minister Boris Johnson’s offer by the British policymakers. This major attempt by British policymakers compelled the Prime Minister to obtain the 3rd postponement from the EU.

Gold Price Statistics

According to Wang Tao, spot gold prices seem to be quite fair and flat i.e. between $1,479 and $1,502 per ounce. If other metal commodities are considered, silver has jumped to $17.57 per ounce whereas platinum has seen an increase by 0.4 percent i.e. up to $892.64.

On the other hand, palladium rose to $1,770 per ounce. The trading rate for Palladium has crossed the maximum selling price since January.  Now that the market segment is expected to stay pretty unpredictable and complicated for the upcoming years, the palladium price may see more surprising changes.

Also Read: How To Learn The Reason Why Gold Prices Are Up 20% In India

Also Read: Strategies for Trading the Gold-Silver Ratio

Also Read: Gold Trading Online | Gold Price In India Today| Gold Investment | Gold News

 

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