Gold open interest, a tally of outstanding futures contracts, surged the most since mid-2016 on Monday to the highest in more than seven weeks. Prices of the metal have advanced amid escalating tensions in the Middle East and between the U.S. and China. The rebound comes after bullion slid in the past three months, partly under pressure from gains in the dollar and equities.
“There’s been a change in attitude: there’s safe-harbor buying” in gold, said Peter Thomas, a senior vice president at Chicago-based broker Zaner Group. After the recent price retreat, “we saw a lot of people buying gold again.”as investors assessed the U.S.-China trade war, with the world’s biggest economies planning more tit-for-tat tariffs. Gold futures for June delivery slipped 0.4% to settle at $1,296.30 an ounce on the Comex in New York, after reaching $1,304.
“The dollar is back in green and this has pushed the gold price lower, but I think this is only temporary because investors are largely concerned about the trade-war issue,” Naeem Aslam, chief market analyst at ThinkMarkets, said in an email. “Any pull back could be an opportunity to buy.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: US-Sino trade war will provide few opportunities for SAAn old African proverb holds that ‘when elephants fight, it is the grass that suffers most’. As the US and China lock tusks over trade, grass on a global scale is getting trampled. And for South Africa, there appear to be few green shoots amid the carnage. Why do you call negotiations a trade war?
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Stocks, Commodities Tumble as China Strikes Back: Markets WrapU.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trump Warns China to Act on U.S. Trade Deal or Face Worse TermsPresident Donald Trump said it would be wise for China to “act now” to finish a trade deal with the U.S., warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election in 2020.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Barrick CEO Expects to Raise $1.5 Billion Through Asset SalesBarrick Gold Corp., which completed its acquisition of Randgold Resources Ltd. at the beginning of the year, has identified $1.5 billion in assets the miner intends to sell, Chief Executive Officer Mark Bristow said.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Vodacom making good on key strategic growth areasVodacom has taken a small but significant step by acquiring a majority stake in IoT.nxt – a local Internet of Things company, signalling that it may see its future leaning towards new services technologies.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Uber Shares Are Quickly Approaching ‘White Knuckle’ TerritoryWith Uber Technologies Inc.’s shares plunging nearly 20% below its IPO price on Monday, the stock might be fast approaching a “white knuckle” territory, according to one Wall Street analyst.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: U.S. Readies New Tariffs as Trump Says He’ll Meet China’s XiThe U.S. prepared to hit China with new tariffs even as President Donald Trump said he’ll meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal in a deepening clash over trade.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Global Stock Losses Hit $2.1 Trillion Ahead of Tariff DeadlineA are hours away from additional tariffs getting slapped on Chinese goods, with the U.S. and China in pivotal trade negotiations, fear has gripped markets and the level of sensitivity to any trade headline is extremely high.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Five post-election economic milestones to watchUnless the government adopts market-friendly economic policies that stimulate growth and job creation, the 2024 national election is likely to be a fraught affair. What are the five milestones that investors will take comfort from after the 2019 election? Insightful article. 👌
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday May 14, Five Things You Need to Know to Start Your DayU.S. stocks plunged after China hit back at Trump, and Asian futures indicate the selloff is far from over. Uber’s skid continues and in the Philippines, Duterte’s allies lead the Senate vote. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »