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Home / Business / Gold set for the first annual decline of three years

Gold set for the first annual decline of three years



Gold fell on Monday when stocks were likely to rise in Chinese and US trading peak, amid gold prices on their way to their first annual decline since 2015, and lost to the dollar, mainly on trading issues and rising interest rates.

The precious metals were on the right track for their best month since January 2017, having crept back from sharp downturns this year due to stock volatility and a gloomy dollar, along with concerns about slowing global growth.

Spotgull fell 0.2 percent to $ 1.277.96 per ounce at 0442 GMT on Monday, close to a six-month high of $ 1,282.09 it hit on Friday.

US gold futures pushed 0.2 percent to $ 1

,280 per ounce.

"Trade war concerns between the United States and China are a bit cool, and it has borrowed support for the stock market," says Ajay Kedia, director of Kedia Commodities in Mumbai, adding that there is some surplus order in gold before the turn of the year. President Xi Jinping said on a phone call with US President Donald Trump on Saturday that he hopes to push for a coordinated Chinese-American relationship that collaborates and stable, Chinese state media reported.

The dollar exchange rate has risen 4.6 per cent this year, as the US currency had been the preferred security this year, as the US-China trade conflict developed against a backdrop of higher US interest rates, denting gold's demand.

Higher interest rates make gold less attractive because it does not pay interest and costs to store and insure.

Gold dropped over 15 pro Late from a $ 1.365.2 peak in April to a 1-1 / 2 year low in August this year to $ 1,159.96. The yellow metal has achieved almost 10 percent since then.

"Over concerns about a decline in global economic growth and interest rate increases, gold is likely to recover losses since mid-June and rise back to the trading area between $ 1,300 and $ 1,350," says Wing Fung in a survey note.

Among the noble metals, palladium has been the best performer this year, rising about 18 percent on strong demand from autocatalyst creators due to production deficiency.

The metal was on the right track for a third straight year of gains, and was set to rise for one fifth month in a row

Silver rose 0.3 percent to $ 15.39 per ounce in the session

Spot Platinum rose 0.1 percent to $ 790.40 per ounce on Monday, but stopped at about 14.5. percent in 2018.

(Additional reporting by Nallur Sethuraman and K. Sathya Narayanan in Bengaluru; editing by Rashmi Aich)


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