LIVE BULLION UPDATE ::
Gold prices edged higher on Monday towards a 2-1/2-month peak hit last week as the dollar eased and worries over rising political tensions and slowing global economic growth lent support to the metal.
Spot gold XAU= was up 0.1 percent at $1,226.43 an ounce at 0745 GMT. On Oct. 15, the bullion touched its highest since July 26 at $1,233.26.
U.S. gold futures GCcv1 were up 0.1 percent at $1,229.40 an ounce.
“So far we are seeing a good recipe for gold prices to recover. One is global economic slowdown, another is geopolitical uncertainties,” said Argonaut Securities analyst Helen Lau.
“If the tensions loom large we could see gold rebound through 1,300.”
The outlook for global growth in 2019 has dimmed for the first time, according to Reuters polls of economists who said the U.S.-China trade war and tightening financial conditions would trigger the next downturn. concerns including tensions between Saudi Arabia and the West over the killing of journalist Jamal Khashoggi, developments related to Brexit, and Italy’s budget woes are keeping investors interested in gold, analysts said. is seen as a safe store of value during political and economic uncertainty.
REGARDS,
TECHNICAL DEPARTMENT
GAIN COMMODITY
GAINCOMMODITY.COM
CALL@ (7617674866/9759441012)