Gold surged 2% on Friday as investors interpreted U.S. Federal Reserve Chair Jerome Powell's speech as leaning toward a dovish monetary policy stance and President Donald Trump's latest comments exacerbated trade tensions with China.
Gold prices rose on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven precious metal comfortably above the key $1,500 per ounce mark.
BENGALURU Export prices of rice from Vietnam fell this week as the country struggled to find new buyers amid waning demand from China, while a drought continued to squeeze supply in Thailand and a weak rupee weighed on rates for the Indian variety.
Gold fell 2% on Tuesday, reversing course from earlier in the session when it scaled a six-year peak, after the United States said it would delay tariffs on some Chinese products and on news that both sides agreed to continue trade talks.
BENGALURU/MUMBAI Activity in physical gold markets in major Asian centres was quiet this week as surging prices kept consumers away, with political turmoil further squeezing demand in Hong Kong.
BENGALURU Export prices for Vietnamese rice fell this week on fears major buyer Philippines could curb imports, while a drought in Thailand and widespread floods in Bangladesh hit supply in the Asian hubs.
July 26 Gold firmed on Friday, having shed 1% in
the previous session on robust U.S. jobs data, with investors
awaiting further economic readings from Washington that could
drive sentiment going into next week's Federal Reserve meeting.
Canadian pipeline company Enbridge Inc said on Thursday it will consider re-routing its Line 5 oil pipeline after a Native American tribe in Wisconsin sued the company in a bid to get the pipeline moved off its reservation.
July 25 Canadian pipeline company Enbridge Inc
said on Thursday it will consider re-routing its Line 5
oil pipeline after a Native American tribe in Wisconsin sued the
company in a bid to get the pipeline moved off its reservation.
Gold eased on Friday as investors booked profits after prices raced past $1,450 an ounce to hit a six-year peak, but Middle East tensions and prospects for lower interest rates kept bullion on track for a second week of gains.