Gold rose on Monday after China's central bank added bullion to its reserves in November, ending a six-month pause in a buying binge that had provided a major pillar of support for the precious metal. Bullion rose as much as 0.6% to trade just below $2,635 an ounce, after the People's Bank of China said Saturday it bought 160,000 troy ounces last month. The addition was the first since April, before the central bank halted purchases for 18 months that had helped prop up prices amid strong interest from global public institutions. Source: newsmaker.id
Silver prices had increased to $31 in today's Asian trading session (9/12) This was driven by geopolitical tensions in the second week of December which also supported the strengthening of silver prices. Starting from the collapse of the French government, the failed military emergency efforts in South Korea (South Korea), tensions in the Middle East which were compounded by the control of Syria by rebels, to the Russia-Ukraine conflict. Meanwhile, the market currently estimates a 75% chance that the Fed will lower interest rates by 25 basis points at its meeting in December, up from 59% a...
Gold prices maintained their positive momentum to settle at $2,650 troy ounces, through the first half of the European session on Monday. The US Nonfarm Payrolls (NFP) report released on Friday strengthened bets that the Federal Reserve (Fed) will lower borrowing costs in December. In another report, China's central bank added bullion to its reserves for the first time in seven months. Moreover, political turmoil in South Korea, geopolitical tensions, and trade war fears provided some support to the safe-haven gold prices. However, a stronger US Dollar (USD) supported by bets that the Fed...