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Gold prices fell on Monday, as the US dollar strengthened after China’s RRR cut

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发表于 2018-10-8 15:26:47 | 显示全部楼层 |阅读模式
The price of gold fell on Monday, as the dollar strengthened after China’s RRR cut. At a time when the outside world is worried that Sino-US trade disputes may hurt China's economic growth, China will adopt measures to reduce the economy to support the economy.
The People's Bank of China announced on Sunday that it will once again cut the deposit reserve ratio of some financial institutions to replace the medium-term lending facilities, and increase efforts to reduce financing costs and stimulate economic growth.
At 0441 GMT, spot gold XAU= fell 0.5% to $1,196.61 per ounce. US gold futures GCv1 fell 0.5% to $1,200.50 an ounce.

"Although the US dollar index has not risen too much, some market players may view China's decision as a sign that the trade war is weak, and this may benefit the US dollar," said National Bank of Australia (NAB) analyst John Sharm.

The US dollar index .DXY rose 0.1%.

“Perhaps the trade war has more impact on China than it actually recognizes, so it needs policy easing, which puts pressure on gold demand,” a Singapore trader said.

US employment growth slowed sharply in September, possibly due to the hurricane in Florence, which led to a decline in restaurants and retail jobs, but the unemployment rate fell to 3.7% of the past 49-year low, pointing to further tightening of the labor market. The world's largest gold exchange-traded fund (ETF) - SPDR Gold Trust GLD on Friday decreased its gold holdings by 0.2% to 730.17 tons.

As of the week of October 2, speculators reduced the net open position of the New York Commodity Futures Exchange (COMEX) by 4,186 to 73,128.

Spot silver XAG= fell 0.7% to $14.48, and spot palladium XPD= fell 0.3% to $1,066.10. Platinum XPT= fell 0.7% to $814.74 an ounce.

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