Gold is trading at an increase of nearly 1% this morning, Tuesday, September 27, coinciding with the opening of the European markets at levels of $ 1639 an ounce, rising from its lowest level since April of the year 2020, taking advantage of the declines of the US dollar this morning and benefiting from the rise in fears of global economic recession, especially after World Bank report.
The general index of the US dollar, after testing the levels of 114 for the first time since May 2002, recorded declines of about 0.70% this morning, when it traded at 113.35 levels, and thus it constitutes support for the gains of the yellow metal to reduce its losses.
The World Bank report issued hours ago, which lowered its forecast for the growth of the Chinese economy, the second largest in the world, to 3.2%, compared to 5% in its previous estimates, raised the markets’ fears again about the expected economic stagnation.
In terms of economic data, markets are awaiting in the US session today, the US durable goods orders index for the month of August, preceded by hours, statements by US Federal Reserve Chairman Jerome Powell in the European session.
Silver, in turn, after testing its lowest level in two weeks in the opening session yesterday, records gains by 1.5% and is trading at levels of $18.60 per ounce.
Platinum is trading at an increase of about 0.70% at levels of $857, while palladium is declining by about 0.10% when it is trading at levels of $2.044.
01/11/2024
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