Africa-Press – Angola. The most liquid gold futures contract closed higher on Friday, the 30th, favored by the fall in Treasury interest rates, the slowdown in the consumer spending price index (PCE, its acronym in English) and the weak dollar.
On the Comex, division for metals of the New York Mercantile Exchange (Nymex), gold for delivery scheduled for August closed up 0.60%, at 1,929.40 dollars per troy ounce. On the week, however, gold was down 0.1%. In the month of June, in turn, the metal fell by 2.66%, while in the first half, the commodity advanced by 5.65%.
Gold was benefited by the results of the PCE, with the core decelerating beyond expectations, which, in the view of Capital Economics, means that the next hike in interest rates by the Federal Reserve (Fed, US central bank) may be the last.
In the view of Edward Moya of Oanda, despite Friday’s high, the week was not beneficial for the precious metal, as the “risk appetite remained healthy, as big technology trading will not go away”. the analyst points out that the commodity has a chance of remaining at the level of 1,900 dollars per troy ounce.
Commerzbank points out that net imports of gold by China from Hong Kong remained at the same level in May compared to the previous month and, since the beginning of the year, total 234 tons, more than three times the level registered in the same period of the last year. “Therefore, there are no signs of weakening gold demand in the world’s largest gold consuming country, despite the anemic economic recovery and a significantly higher price level compared to the beginning of the year.”
For More News And Analysis About Angola Follow Africa-Press
