empty
 
 

2018.10.0214:44:00UTC+00Gold Settles At Near 2-week High

Gold prices rose sharply on Tuesday, with traders building up long position in the yellow metal after the initial euphoria over the re-negotiated NAFTA deal waned and U.S.-China trade tensions rose after U.S. President Donald Trump said it was "too early" to negotiate with China.

Worries about Brexit and Italy's huge deficit budget too prompted traders to seek the safe haven of the yellow metal.

Gold futures for December ended up $15.30, or 1.3%, at $1,207.00 an ounce, the highest settlement in nearly two weeks.

On Monday, gold futures ended down $4.50, or 0.4%, at $1,191.70 an ounce.

Silver futures for December ended up $0.186, at $14.693 an ounce.

Copper futures for December settled at $2.8065 per pound, gaining $0.0190 for the session.

Concerns over the Italian budget prompted traders to pick up gold. Italian Prime Minister Giuseppe Conte reaffirmed his country's commitment to the Euro after an Italian lawmaker said that the country would resolve its problems by returning to its own currency.

"I'm totally convinced that Italy would resolve most of its problems with its own currency," Claudio Borghi, the economic head of the ruling League party, told RAI radio.

"Having control of one's own means in monetary policy is a necessary condition - although not sufficient - to carry out the ambitious and enormous project of renewal."

According to reports, Italy defied pressure from Brussels and its euro zone partners on Tuesday to water down ambitious budget plans. The government threatened to sue EU officials for causing a sell-off on Rome's financial markets.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback