The price of precious metal rose during Thursday’s trading on Thursday as the dollar fell after hitting a 10-week high in the previous session as private sector jobs rose more than expected
Meanwhile, the specter of trade tensions has returned despite President Trump’s chief economic adviser cutting off market fears that have escalated over reports that the US president may impose more tariffs on China as the trade dispute escalates.
Kudlo said the talks would determine whether additional fees would be imposed and refused to disclose the specific demands Trump wanted from China to reduce tariffs.
Buy gold from central banks at its highest level in 3 years
In other news, the World Gold Council said in a statement released on Thursday that central bank buyers had acquired nearly $ 5.8 billion in gold in the third quarter of fiscal year 2018, posting the highest level of net purchases since 2015. Demand in the sector rose 22% On an annual basis, with central banks buying 148.4 tons of gold.
At the same time, looking at gold bars, coins, stock market volatility, and weak currencies has led to rising demand in emerging markets. In China, the world’s largest market and currency market, demand jumped 25% in the third quarter on an annualized level. Demand in Iran has reached its highest level in five and a half years.
In view of precious metaldemand figures for technological applications, an increase of 1% over the three-month period was recorded on an annualized basis, reaching 85.3 tons, mainly due to the use of the precious metal in smartphones and the automotive sector.
The rise of the dollar makes gold denominated in dollars more expensive for other currency users.
