Veteran Egyptian filmmaker Samir Seif passes away at 72    Hurghada, Cairo among world's 100 most visited cities in 2018    Egypt's FM Shoukry, Pompeo follow up on GERD talks, bilateral relations, regional developments    Here is the full list of Golden Globes 2020 nominations    Egypt's central bank launches industrial initiative to raise GDP to 7.5% annually: CBE deputy governor    Russia banned four years from Olympic Games over doping scandal    Only natural for Leicester to be overlooked, says Rodgers    Socceroos skipper Milligan announces international retirement    China says hopes it can reach trade agreement with U.S. soon    New IMF plan needed to reduce debt service costs: Jordan finance minister    Markets in Europe to open lower amid weak Chinese data    Saudi restaurants no longer need to segregate women and men    1 dead, many more missing in eruption of New Zealand volcano    Egypt's President Sisi urges improving ways to identify sport talents    Health insurance system to be launched in Upper Egypt, South Sinai in March    Biden campaign attacks Trump policy on Saudi Arabia, North Korea    Quake in Florence area disrupts Italy's national train network    Sisi reviews Egypt's new capital relocation scheme    Egypt's Sisi directs further efforts to develop higher education    Egypt's parliament speaker slams justice minister over 'inaction' in fighting corruption at notary offices    'The Irishman' draws 17 million U.S. viewers on Netflix, Nielsen estimates    Art Alert: King Lear on Cairo stage four times in December    Half of lymphoma patients alive three years after new cell therapy treatment: Study    Rocket hits Iraqi cleric's home following deadly Baghdad attack    Egypt's Sisi reviews anticipated New Administrative Capital relocation plan    Criminal court sentences 4 to death for killing 3 policemen in 2016 robbery    Even being big, burly one needs his mother    Egypt's Cabinet denies reports on increasing Jan. train fares    Egypt Zamalek's new coach eyes winning start in Champions League against 1º de Agosto    WHO decries "collective failure" as measles kills 140,000    Mohamed Salah, Zamalek's Hamed represent Egypt in shortlists for CAF awards    Rate of HIV infections in Egypt around 0.02% – minister    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Egypt's Tahrir Square among top Reuters photos of a decade    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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





Gold rises on worries of delay in U.S.-China trade deal
Published in Amwal Al Ghad on 21 - 11 - 2019

Gold rose on Thursday, supported by concerns that U.S. bills on Hong Kong could increase tensions between the United States and China and delay an interim trade deal.
Spot gold rose 0.1 percent to $1,471.93 per ounce by 0235 GMT. U.S. gold futures were down 0.1 percent at $1,472.20 per ounce.
"The main driver in gold currently is the uncertainty about the trade deal. There is the possibility that the deal might not be completed this year, so that is a key support factor," said John Sharma, an economist with National Australia Bank.
Completion of a "phase one" trade deal could slide into next year, trade experts and people close to the White House said.
The protracted trade dispute has pushed the precious metal, which is considered a safe asset in times of political and economic uncertainty, about 14 percent higher this year.
Dialing up tensions, the U.S. House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights, with President Donald Trump expected to sign them into law.
This comes after China condemned Washington's interference in the Hong Kong affairs and summoned an U.S. embassy official to demand that the U.S. stop its meddling.
"That (Hong Kong bills) could pose challenges to the trade deal … there might be some progress because both the countries will see there is some benefit to cooperation, but the quality and duration (of a deal) is uncertain," Sharma said.
Lower global shares and a tad weaker dollar index also supported the precious metal.
Minutes from the U.S. Federal Reserve's October policy meeting released on Wednesday offered little guidance on what would cause policymakers to change their minds on the interest rate outlook.
The Fed has cut interest rates three times this year. The cuts have been positioned as "a mid-cycle adjustment" to help shield the U.S. economy from the effects of the U.S.-China trade war and slowing global growth, which have hurt manufacturing, business investment and exports.
Lower interest rates reduce the opportunity cost for holding the non-yielding bullion.
Under investors' radar now is the U.S. weekly initial jobless claims due at 1330 GMT.
Elsewhere, silver shed 0.1 percent to $17.12 per ounce.
Silver demand will creep up by 1 percent this year, reducing global oversupply of the metal to the lowest since 2015, consultancy Metals Focus said in a report.
Palladium fell 0.2 percent to $1,763.66 per ounce and platinum was down 0.2 percent to $915.20 per ounce.
Source: Reuters


Clic here to read the story from its source.