Gold Futures Settle Greater Once Again

By | November 16, 2018

Gold prices rose greater on Friday, extending gains to a third straight session, as the dollar deteriorated versus major currencies and hopes about a resolution to the U.S.-China trade disputes faded once again.

According to reports, U.S. Trade Agent Robert Lighthizer has rejected that he had actually told earlier that another round of tariffs on Chinese imports had been put on hold in the wake of resumption of talks between U.S. and China. The authorities is reported to have said on Thursday that there were no changes in prepare for the tariffs and that any reports to the contrary were incorrect.

With remarks by Fed Vice Chairman Richard Clarida that interest rates were currently near neutral levels suggesting a likely time out in monetary tightening at some point quickly, the dollar turned weak. A day previously, at Dallas, Federal Reserve Chairman Jerome Powell warned of slowing need overseas and fading financial stimulus in U.S., and also spoke about the lagged financial effect of previous rate boosts.

The dollar index dropped to around 96.30, losing about 0.5%, after having actually advanced to 96.93 earlier in the day.

Gold futures for December ended up $8.00, or 0.7%, at $1,223.00 an ounce. On Thursday, gold futures wound up $4.90, or 0.4%, at $1,215.00 an ounce.

For the week, gold futures got about 1.2%.

Silver futures for December were up by about 3%, at $4.370 an ounce, while Copper futures for December were up 1.5%, at 2.788 per pound.

In economic news, industrial production in the U.S. increased marginally in October, disappointing expectations, according to a report launched by the Federal Reserve on Friday. The report stated commercial output inched up by 0.1 percent in October after rising by a downwardly modified 0.2 percent in September.

Economists had expected industrial production to rise by 0.2 percent compared to the 0.3 percent increase initially reported for the previous month.

A 0.3 percent increase in making output surpassed decreases in other sectors, the report from the Federal Reserve stated. Mining output decreased by 0.3 percent in October after edging down by 0.1 percent in September. Energies output likewise visited 0.5 percent in October after a 0.1 percent drop in September.

The product has been provided by InstaForex Business –

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