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Posted by admin on 2019-01-12 in 上海性息 with No Comments


Investors are funnelling their cash into commodities like gold as they seek refuge from volatile world stock markets, the collapse of the US dollar and growing fears about a US-led economic slowdown, traders said.

上海性息

After reaching the milestone of $US1,000.45, gold stood at $994.05 per ounce on the London Bullion Market, up from $975.50 dollars late on Wednesday.

“Ongoing inflationary pressure from rising oil prices and continued concerns about the US economy and credit liquidity have led sentiment to turn more positive,” said James Moore, analyst at TheBullionDesk.com.

Demand for the precious metal, which is used in jewellery, dentistry and electronics, is spearheaded by Asian economic giants China and India.

Falling US currency

Gold, which is priced in dollars, becomes cheaper for buyers using other currencies when the US unit falls in value. The dollar slumped on Thursday against both the European single currency and the yen as fresh credit jitters swept across global markets, dealers said.

Many analysts expect the US Federal Reserve to slash its key lending rate at a scheduled meeting next week in a bid to ward off a potential US recession.

Investors generally prefer the currencies of countries that have higher interest rates as they can reap better yields.

The US dollar also plunged below the key 100 yen level for the first time in

12 years, falling as low as 99.78 yen.

“The gold-favourable environment continues to evolve positively for the metal, with expectations of further Fed rate cuts and inflationary concerns boosting safe-haven buying,” said analysts at Barclays Capital.

Gold has risen by about 17 percent so far this year, underscored also by supply problems in South Africa — the world's largest producer.

Stoppages by miners protesting unsafe working conditions and ongoing power cuts in South Africa have hampered supplies.

At the start of January, gold jumped above $850 per ounce, smashing a 28-year-old record, and has been on an upward trend ever since.

There are widespread fears that the US economy is lurching into recession and record oil prices of almost $111 dollars have stoked inflationary pressures.

Global demand for gold is also surging owing to increased jewellery purchases in China and India, according to the World Gold Council.

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