Gold Prices recovered a little on Thursday
Gold tends to do much better in times of low or negative interest rates when small yields on offer elsewhere serve to gloss over the complete lack of yield inherent in holding the metal. Those days are clearly long gone, and the jury remains out as to if, or when, they might come back.
Moreover, the stronger Dollar those yields inevitably bring also hits gold, making gold products denominated in the US currency more expensive for buyers elsewhere.
Moreover, the stronger Dollar those yields inevitably bring also hits gold, making gold products denominated in the US currency more expensive for buyers elsewhere.
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Bank of America's Hartnett described this week's China data as "shocking" and warned of a credit event that could crash markets and necessitate a coordinated response.
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The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
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🔹Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran.
