Gold prices have recorded their biggest weekly loss in more\nthan two years, especially with the emergence of market satisfaction from the\nprogress of trade talks between the two most important economies in the world,\nChina and the United States, after a trade war broke out about two years ago.\nThe huge demand for safe haven currencies began to decline shortly afterwards.<\/p>\n\n\n\n
Spot bullion has fallen 3% this week, its biggest drop since\nMay 2017. This comes after an initial agreement was reached on Thursday and the\nUS and China are drawing closer to a trade pact. In addition to gold prices\nfell some other precious metals such as silver, which fell by 6.1 & since\nthe beginning of the week’s trading on Monday.<\/p>\n\n\n\n
Gold prices have faced significant moves in 2019, influenced\nby the global trade crisis between America and China, and also affected by the\nFederal Reserve’s interest rate cuts as well as strong demand from investors\nand central banks. These three factors will soon be affected, especially as the\nworld’s two largest economies come close to the initial agreement, which began\nwith both sides agreeing to drop tariffs on their goods as part of the deal.\nMeanwhile, the US Federal Reserve recently noted that after three interest rate\ncuts, monetary policy makers will stop taking further action for the time\nbeing.<\/p>\n\n\n\n
“Haven buying dried up amid the risk-on tone in markets,”\nthe Australian and New Zealand Banking Group Limited said in its report, noting\nthat gold bullion slumped around $20 on Thursday in a very short time. The\ngroup said the move towards tariffs between the two countries would be a “significant\nbreakthrough for negotiations”.<\/p>\n\n\n\n
After prices fell 1.5% on Thursday, gold prices for\nimmediate delivery stabilized in the last session of this week to $1,468 an ounce.\nBut it is still 14.5% higher than the price it reached this year.<\/p>\n\n\n\n
The week’s losses were compounded by news that China’s\ncentral bank, which has been a steady pool of bullion since late 2018, failed\nto add more inventories again last month.<\/p>\n","protected":false},"excerpt":{"rendered":"
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