Gold Rally Gets Booster Shot as Trump Picks Doves for The Fed
Thursday, 4 July 2019 03:05 WIB | PRECIOUS METALS |GOLDEMAS

Gold held its rally on a cocktail of positive drivers including weak macroeconomic data, sinking Treasury yields and expectations for fresh easing from the U.S. Federal Reserve.

Bullion held above $1,400 an ounce and rose to the highest since May 2013 ahead of a U.S. holiday Thursday. Donald Trump has tapped two economists to the Fed™s board who are both seen as likely to support the president™s call for lower interest rates. Meanwhile, weaker than expected U.S. payrolls and service industry data overshadowed a decline in jobless claims.

Gold futures climbed as much as 2.3% in early trading before paring gains and settling hire at $1,420.90 at 1:30 p.m. on the Comex in New York. A gauge of the dollar held Tuesday™s losses, while Treasury yields sank to the lowest sinceNovember 2016. Holdings in gold-backed exchange-traded funds snapped 14 days of gains Tuesday, but are still near the highest since 2013.

Source : Bloomberg

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