Key legal battles over voting rules as US election looms    Emerging Markets-EMEA FX falls; Turkish lira set for worst month since 2018 crisis    Alaba future at Bayern still unclear-coach Flick    BREAKING: CAF president Ahmad Ahmad tests positive for COVID-19    France on alert as official warns of more militant attacks after Nice church killings    Why the US military would welcome a decisive 2020 election win    Restrictions needed to battle COVID-19 in Europe, EU says    English Premier League fixtures (7th matchday)    WHO: Europe now has more than 10 million COVID-19 cases    Thwart US veto or await new president? WTO has leadership dilemma    UK doing everything it can to avoid national lockdown, minister says    In Photos: Egypt collector accumulated over 100 vintage cars    Egypt extends deadline for reconciliation requests in building violations to 30 November    El Gouna Film Festival sheds light on digital media in the wake of COVID-19    The Senate and the return of party politics    Parliament's ‘driving force'    Sculptor Tarek Zabady, tamer of difficult materials    GERD: In quest of meaningful negotiations    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's c.bank offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







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





Gold prices steady amid Gulf tension, trade talk uncertainties
Published in Amwal Al Ghad on 23 - 09 - 2019

Gold was unchanged on Monday, as investors remained on the sidelines awaiting clarity on U.S.-China trade talks, while escalating tensions in the Middle East provided some support.
Spot gold was steady at $1,516.33 per ounce at 0406 GMT. Prices had climbed to a more than one-week high of $1,516.81 in the previous session.
U.S. gold futures for December delivery rose 0.59 percent to $1,523.80 per ounce.
"Gold is currently in a mixed zone." said Howie Lee, economist at OCBC Bank.
"The pickup in geopolitical risk from Saudi Arabia and President Trump rejecting the possibility of a partial trade deal with China certainly adds that little more shine to gold."
A U.S.-China trade breakthrough seemed unlikely after President Donald Trump told reporters on Friday he was "not looking" for a partial deal, and Chinese officials cancelled goodwill visits to U.S. farmers.
But both sides later published positive statements, with the U.S. Trade Representative's office describing the last week's talks as productive and China's Commerce Ministry calling them constructive. October's high-level talks remain on track.
Meanwhile in the Middle East, tensions remained elevated with the Pentagon ordering additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defenses, following an attack on the kingdom's oil facilities. U.S. has slapped more sanctions on Iran, penalizing the Iranian Central Bank.
Saudi Arabia will also seek to make a case at a global gathering in New York this week for concerted action to punish and deter Iran after the strikes.
"The safe heaven status is still supporting gold. But the prices are stuck between $1,480 and $1,580," said OANDA analyst Jeffrey Halley.
Indicative of investor interest in gold, holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.19 percent to 894.15 tonnes on Friday.
Meanwhile, COMEX gold speculators raise net long position by 14,150 contracts to 261,878 in week to Sept. 17, according to the U.S. Commodity Futures Trading Commission data.
Spot palladium hit a fresh high at $1,659.27 per ounce.
Silver rose 1.5 percent to $18.26 per ounce and platinum rose nearly 1 percent to $955.03 per ounce.
Source: Reuters


Clic here to read the story from its source.