Gold Silver Reports (GSR) – U.S. Fed chairman Jerome Powell said that he was aware of the risks related to an economic slowdown and would be patient and flexible in policy decisions this year.
Investors had expected the Fed to stay on its tightening path after three hikes last year, but the ongoing trade war and recent disappointing corporate earnings have put those expectations to rest.
MCX Gold settled up 0.61% at 31648 helped by a weaker dollar on expectations that the U.S. Federal Reserve might apply brakes on its monetary tightening cycle in 2019, although an improved risk appetite limited gains for the safe haven metal.
Read More : BlackRock Heaps Praise on Gold’s Role as a Tough Year Opens
A relief rally in Asian equities triggered by the Fed’s dovish stance and strong U.S. jobs data limited the yellow metal’s upward momentum.
An upbeat U.S. non-farm payrolls report showed 312,000 net new jobs were created in December, while wages rose at a brisk annual pace of 3.2 percent.
MCX Trading Tips :
✅ Gold trading Zone Keys is 31280—31964.
✅ Gold rose helped by a weaker dollar on expectations that the U.S. Federal Reserve might apply brakes on its monetary tightening cycle in 2019.
✅ China gold reserves rose to 59.560 million fine troy ounces at end-December, the first increase since October 2016, central bank data showed.
✅ U.S. Fed chairman Powell said that he was aware of the risks related to an economic slowdown and would be patient and flexible in policy decisions this year.
U.S. President Donald Trump said on Friday that China’s weakening economic growth puts the United States in a strong position as negotiators, increasing investors optimism for a probable trade deal between the world’s two largest economies.
The data showed that, SPDR Gold Trust, increased its position by 2.94 tons last Friday, bringing its total position to 798.25 tons, approaching the 800-ton integer mark.
China gold reserves rose to 59.560 million fine troy ounces at end-December, the first increase since October 2016, central bank data showed on Monday.
