{"id":122709,"date":"2019-06-13T14:50:20","date_gmt":"2019-06-13T14:50:20","guid":{"rendered":"https:\/\/www.bnreport.com\/gold-gains-on-fed-rate-cut-hopes-trade-worries\/"},"modified":"2019-06-13T14:50:20","modified_gmt":"2019-06-13T14:50:20","slug":"gold-gains-on-fed-rate-cut-hopes-trade-worries","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gold-gains-on-fed-rate-cut-hopes-trade-worries\/","title":{"rendered":"Gold gains on Fed rate cut hopes, trade worries"},"content":{"rendered":"

Gold prices<\/a> advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the US Federal Reserve following soft inflation data, and on escalating trade tensions between the worlds top two economies.<\/p>\n

FUNDAMENTALS<\/strong><\/p>\n

Spot gold was up 0.3 per cent at $1,336.48 per ounce, as of 0542 GMT. US gold futures were 0.2 per cent higher at $1,339.80 an ounce.<\/p>\n

\u201cWe can see strong support at $1,330 for gold, and the metal looks to trade upside with expectations of lower interest rates,\u201d said Peter Fung, head of dealing at Wing Fung Precious Metals<\/a>.<\/p>\n

\u201cAlso, we are still worried about the (US-China) trade war and people are still looking at gold as a safe haven,\u201d he said.<\/p>\n

Data from the Labor Department showed on Wednesday US consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy increased pressure on the Federal Reserve to cut interest rates this year.<\/p>\n

Fed policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions, slowing growth and a sharp step-down in hiring in May which have led financial markets to price in at least two rate cuts by the end of 2019.<\/p>\n

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.<\/p>\n

The dollar index versus a basket of six major currencies was down 0.1 per cent on Thursday, having risen more than 0.3 per cent overnight.<\/p>\n

On the trade front, US President Donald Trump<\/a> said he had a \u201cfeeling\u201d a US-China trade<\/a> deal could be reached, but reiterated his threat of increasing tariffs on Chinese goods if there is no agreement.<\/p>\n

However, Trump declined to set a deadline for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but \u201ctesty\u201dRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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