Under the safe port demand is decreasing – Cyprus Newspaper
Gold declines with expectations that trade relations between the US and the European Union can improve.
Gold decreases with the expectations that trade relations between the US and the European Union can improve, while the demand of investors to the safe harbor decreases.
Bullet Gold is traded at a level of $ 3,347 per ounce after a loss of 0.4 percent on Monday. After Brussels announced that it would accelerate negotiations in order to prevent a transatlantic trade war with the US, both sides softened their approaches. US President Donald Trump initially accused the European Union of delaying negotiations.
Signs that the White House may make progress in negotiations with some trade partners weakened the demand for safe ports such as gold. According to Bloomberg calculations, Gold -Supported Stock Exchange Investment Funds (ETFs) have experienced for five weeks after reaching the summit of a year in mid -April. However, the markets are still in waiting and waiting mode. Investors evaluate many risks such as the US’s growing budget deficit, ongoing trade negotiations, and the worsening conflicts in the Middle East and Ukraine.
Gold has gained more than 25 percent this year, but the prices are about $ 165 from the highest level of all time seen last month. Citigroup increased the short -term gold forecast again to $ 3,500 per ounce, and during this period, when trade and geopolitical risks increased again, reinforcing the role of gold.
Investors are also preparing for the price index (PCE), the inflation indicator preferred by the US Federal Reserve, which will be announced on Friday.
Spot Gold increased by 0.1 percent as of 07:56 in the morning with Singapore time and rose to $ 3.344.65 per ounce. Bloomberg Dollar Spot Index watched horizontal. Platinum continued its decline after reaching the highest level of two years with signs of supply contraction in the market last week. While the silver was slightly declining, there was no change in the palladium.
