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Gold is showing a modest but growth despite the strength of the dollar, as the atmosphere of risk aversion increases the demand for precious metals. In the first half of the trading session, gold went up by more than $2 to $1,533. Trade tensions between the US and China have again escalated. Additional import tariffs from China entered into force on Sunday, and Beijing filed a complaint with the World Trade Organization. However, as US markets enjoyed the weekend on Labor Day, market reactions remained relatively muffled. Today, when the markets reopened, the yield on 10-year US Treasury bonds fell by more than 1%, indicating that the new tariffs had a moderately negative effect on market sentiment. Reflecting an atmosphere of risk aversion, major European stock indexes record losses, while the S&P 500 futures fell 0.75%, suggesting that Wall Street is likely to start the day in negative territory.
On the other hand, strong pressure caused by sales of major European currencies continues to support the dollar. This is the only thing that prevents gold from rising even higher. At the moment, the US dollar index remains at the highest level over the past two years at 98.30 points. To understand further dynamics, you need to wait for the IHS Markit and ISM Manufacturing PMI reports from the US, as well as carefully monitor the performance of the main Wall Street indices.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
