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Global gold market rose, but recorded the longest monthly decline in 20 years









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发表于 2018-9-29 16:19:12 | 显示全部楼层 |阅读模式
The price of gold rose on Friday as the dollar strengthened against the euro, after the uneasiness against the Italian budget hit the euro. However, the price of gold will record the longest monthly decline since January 1997.
Gold prices fell more than 0.5% in September, the sixth consecutive month of decline.

At 1743 GMT, spot gold XAU= rose 0.9% to $1,193.32 an ounce, hitting a low of $1,180.34 since August 17.

US December gold futures GCcv1 closed up $8.80, or 0.7%, to $1,196.20 an ounce.

Traders said the inflation indicator, the US core personal consumption expenditure (PCE) data, was lower than expected, stimulating low-buy buying of gold.

"The core PCE data is disappointing and raises questions about future inflation in the United States," said Syner Report co-editor Tyler Richey. "At present, inflation data has helped the gold price rebound from the Fed's decision to release."

The Federal Reserve raised interest rates on Wednesday and said that it would raise interest rates four times before the end of 2019 and raise interest rates once in 2020. Spot gold closed down 0.6% later, to the lowest of $1,194.06 since September 11.

On Friday, the US dollar index rebounded to a two-week high, helped by the euro's concerns over the Italian budget and the US interest rate hikes dragged down against the dollar.

Other data released on Friday still support the view that the US economy is growing steadily. US August durable goods orders rose 4.5%, after a revised month, down 1.2%.

Palladium XPD= fell 0.3% to $1,078.40 an ounce, hitting an eight-month high of $1,094.60 in intraday trading and rising more than 9% this month.

Silver price XAG = rose 3.4% to $14.68 an ounce, which is expected to record the biggest monthly increase in four months.

Platinum XPT= rose 1.1% to $817.80 an ounce, which is expected to record its first monthly increase in eight months.


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