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Gold Loses Shine As Price Falls To $1200 Sweet Spot
Monday, 3 September 2018 20:38 WIB | GOLD CORNER |Gold OutlookGold Corner

Gold is losing some shine for investors as the price has plunged to a 20-month low on the back of emerging market currency depreciation.

The price dropped 3% in recent weeks - taking the price to $1200 an ounce.

The figure is a sweet spot for gold producers as profit margins are eroded by production costs.

The industry regards falling below $1200 an ounce as a trigger for slowing production which hits profits.

Prices are falling as the US dollar strengthens against weaker emerging market currencies.

Emerging market problems

The problems are the weakening Chinese yuan and Turkish lira.

Monetary policy outside America is making the problem worse.

Central banks in Europe and Japan have delayed interest rate rises to create a differentials between global interest rates and those set by the US Federal Reserve and the Bank of England.

œThe dollar™s strength has been one of the most important drivers of gold™s performance this year as confrontational trade rhetoric and sanctions has so far played in favour of the US, says trade body the World Gold Council.

Gold producers and traders are hoping the price will rebound, although the signs are $1200 an ounce seems to be a sticking point for the present.

The WGC cites a short market and global economic uncertainty as drivers that may push the price up.

The good news is gold is still floating above market lows, even though the price has sunk, and the drop is the worse losing streak since 2013, having lost 10% of value since April.

Rally looks a long shot

The thinking is a strong US dollar and strong protectionist talk from US President Donald Trump is boosting the American economy at the expense of gold.

Investors see the dollar as a better prospect for holding value than the precious metal.

But for gold to rally, the dollar will have to weaken and that doesn™t look like happening any time soon.

In fact, the yuan could drop more and add more strength to the dollar if the threatened trade war continues and Trump stacks up billions of dollars of tariffs against Chinese imports.

The latest spot price puts gold just above the $1200 threshold at $1202 as the market holds breath for a fresh week™s trading.

Source: iexpats

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POPULAR NEWS
Gold Holds Decline on Signs of U.S. Economy Strength

Gold held a drop as the dollar gained amid signs of strength in the U.S. economy and on optimism steps are being taken toward a U.S.-China trade truce. Data on Friday showed U.S. factory production expanded in December by the most in 10 months. A separate report said that China had offered to buy more U.S. goods to eliminate the trade imbalance. Still, some risk aversion in markets spurred investors to pour into bullion-backed exchange-traded...

Gold Prices Fall to 2019 Low

Gold prices declined on Monday, falling to their lowest level of the year as investor risk appetite held up despite the latest data showing China's 2018 economic growth slowing to a near three-decade low. Comex gold futures were down $5.35, or around 0.4%, to $1,277.25 a troy ounce by 7:40AM ET (12:40 GMT). The precious metal hit a low of $1,276.80 earlier, the weakest since Dec. 28. There will be no floor trading on the Comex on Monday because of the Martin Luther King Day holiday in the...

Gold steady as rising risk appetite offsets Fed pause views

Gold prices held steady on Monday as expectations that the U.S. Federal Reserve will pause its multi-year interest rate hike cycle were offset by improving risk appetite. Spot gold was up 0.1 percent at $1,282.80 per ounce by 07:48 GMT, while U.S. gold futures were steady at $1,282.10 an ounce. Less than two weeks ahead of the U.S. central bank's first policy meeting of the new year, Federal Reserve officials have left little doubt that they want to stop raising interest rates - at least for...

Hong Kong Stocks Build on Gains at Open

Hong Kong stocks extended gains in the first few minutes of Monday as investors grow optimistic of a breakthrough in China-US trade talks. The Hang Seng Index climbed 0.16 percent, or 43.46 points, to 27,134.27. The benchmark Shanghai Composite Index gained 0.12 percent, or 3.05 points, to open at 2,599.06 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.12 percent, or 1.57 points, to 1,323.71. Source : AFP

U.S., China remain at loggerheads over intellectual theft issue: reports

Discussions between the U.S. and China over allegations that the latter has engaged in decades of intellectual property theft have gone nowhere, Bloomberg News reported Monday. The topic was the top of the agenda in recent trade talks between the two, but there was little in the way of constructive progress over what to do, said the report. In public, China denies the accusations of IP theft, but late last year proposed a new law to ban companies from new financing, such as issuing bonds, if...

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