Rising relative prices of gold in global markets
Mining News Pro - While the dollar remained largely unchanged on the eve of the first appearance of US Federal Reserve Chairman Jerome Powell at the Congress, today`s gold price rose with relative increases.
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According to Mining News Pro - Gold prices rose by 0.1 percent today to $ 1,1241 and $ 20 a barrel today, Gold prices for August delivery rose 0.1 percent to $ 1,241 and 60 cents today.

While investors are waiting to hear statements by the US Federal Reserve chairman in Congress to get clues on the trend of rising interest rates, the Dollar Index was firmly established against the world-wide basket of currencies.

Jerome Powell today will outline his positive views on the US economy at the congress, and the market and many of his colleagues expect him to increase interest rates by the end of this year.

An increase in interest rates will increase the value of the dollar and lower the price of gold.

Meanwhile, today, stock prices in Asian markets dropped sharply due to a sharp fall in oil prices. Brent crude prices fell by more than 4 percent on Monday as concerns over supply disrupted oil prices, but Brent`s oil prices were recovered slightly shortly after the oil strike was wider in Norway.

Richard Zhou, an analyst at the gold market, said: "The lucrative investors are willing to buy gold for now." I think that for a long time, the demand for the purchase of yellow metal will be on the brink. "

Due to the weakening of the yuan`s value as a result of the trade war, the demand for gold in China has weakened. The IMF warned that the intensification of the trade war between the United States and China after the threat of more tariffs by the two sides could eliminate the recovery process of the global economy and reduce the prospect of medium-term economic growth.


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