Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Gold prices rise on global growth worries, US-EU trade row; factory activity shrinks in Europe, Asia in June
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Gold prices rise on global growth worries, US-EU trade row; factory activity shrinks in Europe, Asia in June

Gold prices rise on global growth worries, US-EU trade row; factory activity shrinks in Europe, Asia in June

Reuters • July 2, 2019, 16:49:13 IST
Whatsapp Facebook Twitter

The rise in gold was capped by a strong dollar, which hovered near its highest in over a week, buoyed by an agreement between the United States and China to resume talks to resolve their trade war.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Gold prices rise on global growth worries, US-EU trade row; factory activity shrinks in Europe, Asia in June

Gold prices edged higher on Tuesday after a steep fall in the previous session, as investors fretted about an economic slowdown amid weak global manufacturing data and US-European trade ructions. Spot gold was up 0.4 percent at $1,389.73 per ounce, after falling 1.8 percent in the previous session, its biggest one-day percentage decline since November 2016. US gold futures were up 0.2 percent to $1,391.70 an ounce. “The trade conflict is back to the centre stage today and the participants have shifted from US-China to US and the European Union,” said Margaret Yang Yan, a market analyst at CMC Markets. [caption id=“attachment_5997841” align=“alignleft” width=“380”]Representative image. Reuters Representative image. Reuters[/caption] The United States on Monday ratcheted up pressure on Europe in a long-running dispute over aircraft subsidies, threatening tariffs on $4 billion of additional European Union (EU) goods, on top of products worth $21 billion that were announced in April. Meanwhile, factory activity shrank across much of Europe and Asia in June, while growth in manufacturing cooled in the United States, keeping the world’s policymakers under pressure to avert a recession. “Weak data gave investors a reminder of the recession risk ahead of us and that is part of the driver for safe haven,” Yan said. The rise in gold was capped by a strong dollar, which hovered near its highest in over a week, buoyed by an agreement between the United States and China to resume talks to resolve their trade war. The market will now focus on US non-farm payrolls data due on Friday, which should help investors better assess whether the Federal Reserve will cut interest rates later this month. “The non-farm payrolls data will be the signpost for a 25 or 50 basis points cut by the central bank… But even a 25 basis points cut is supportive in the medium-term for gold,” said Stephen Innes, managing partner at Vanguard Markets. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. Spot gold may bounce to $1,401, as it has found a support in a narrow range of $1,386-$1,387 per ounce, according to Reuters technical analyst Wang Tao. Indicating investor interest in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.78 percent to 800.20 tonnes on Monday. Elsewhere, silver rose 0.3 percent to $15.18 per ounce, while palladium was flat at $1,546.80 per ounce. Platinum rose 0.4 percent to $833.12, after touching a near seven-week high on Monday.

Tags
NewsTracker recession EU Gold prices gold futures factory activity US European trade row
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV