Gold prices zoom Rs 930 to Rs 35,800 on firm global cues

12 Juillet, 2019, 13:11 | Auteur: Auguste Feret
  • Spot Gold Price Chart Rises on Dovish Powell Testimony to US Congress July 2019

"The Fed chair's cautious stance on the US economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold", said Hareesh V., head (commodity research), Geojit Financial Services.

As a result, the United States dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.4 per cent to 97.10 shortly before the settlement of gold futures.

In testimony to Congress, Mr Powell pointed to "broad" global weakness that was clouding the United States economic outlook amid uncertainty about the fallout from the trade conflict with China and other nations. The COMEX contract had hit a near-one week high of $1,426.00 an ounce today.

Spot gold rose 1.5% on Wednesday after Fed Chair Jerome Powell's dovish remarks, where he confirmed the USA economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war, and said the Fed stood ready to "act as appropriate".

Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and a global growth slowdown. "The Fed chair's cautious stance on the United States economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold", said Hareesh V, head (commodity research), Geojit Financial Services.

Also, a slightly weaker dollar was helping gold's case, making the metal cheaper for investors holding other currencies.

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The Federal Reserve last month downgraded its USA inflation projection for 2019 to 1.5 per cent from the 1.8 per cent projected in March.

Powell's remarks were perceived as dovish by many market participants and fueled expectations for interest cuts.

"The Fed chair's cautious stance on the U.S. economy raised hopes of an imminent interest rate cut that spurred investor sentiments towards safe assets like gold", said Hareesh V, head (commodity research), Geojit Financial Services. The metal gained 1.5% in the previous session.

On the technical side, spot gold is biased to break a support at $1,404 per ounce and retrace to the next support at $1,387, according to Reuters technical analyst Wang Tao.

Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak touched in the previous session.

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