Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    A blaze that exposed Egypt's fragile digital backbone    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    Germany faces recruitment hurdles in push to rearm, eyes conscription    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    S. Korea's c. bank holds base rate at 2.50%    Egypt's annual core CPI inflation eases to 11.4% in June: CBE    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gold prices steady after slide below key $1,500 level
Published in Amwal Al Ghad on 20 - 08 - 2019

Gold was flat on Tuesday, after declining more than one percent in the previous session hit by an uptick in risk appetite, while investors awaited meetings by policy-makers later in the week for clues on possible interest rate cuts.
Spot gold was stable at $1,495.21 per ounce at 0438 GMT.
On Monday, gold skidded 1.2 percent below the key level of $1,500, marking its biggest daily decline since July 19.
U.S. gold futures fell 0.4 percent to $1,505.20 an ounce.
"There is not a lot of conviction in today's trading session for gold… Investors have gained some more confidence about the growth outlook and that weighs on gold," said Michael McCarthy, chief market strategist at CMC Markets.
Asian shares extended their gains on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and taking the sheen off safe-havens such as bonds and gold.
Hopes for additional stimulus are rising after reports that Germany is prepared to increase fiscal spending, and after the People's Bank of China took steps to lower corporate borrowing costs.
Meanwhile, the U.S. dollar held near a three-week high as an improvement in appetite for riskier assets lifted yields on U.S. government bonds.
Investors are now focused on the U.S. Federal Reserve meeting's minutes due on Wednesday. They will also watch the Fed's Jackson Hole seminar and a Group of Seven summit this weekend for clues on monetary policies by central bankers.
Traders see about an 86 percent chance of a 25 basis-point interest rate cut by the Fed in September.
"The prospects for further central bank interest rate cuts have kept the sell-off (in gold) contained well above significant resistance at $1,480," Stephen Innes, managing partner, VM Markets, said in a note.
However, Boston Federal Reserve Bank President Eric Rosengren on Monday signalled no willingness to support further interest rate cuts, saying that U.S. economic conditions are still good and that easing policy could encourage a worrying debt build-up.
Also, hinting at a possible interlude in trade tensions, the U.S. will extend a reprieve that permits China's Huawei Technologies to buy components from U.S. companies to supply existing customers.
Spot gold may test a support at $1,483 per ounce, a break below which could cause a fall to $1,467, according to Reuters technical analyst Wang Tao.
Elsewhere, silver rose 0.2 percent to $16.90 per ounce.
Platinum was flat at $850.10 an ounce, while palladium inched up 0.1 percent to $1,474.45.
Source: Reuters


Clic here to read the story from its source.