Gold Drops With Silver as Bulls Take Break Before Fed

Tuesday, 23 July 2019 13:03 WIB



Gold dropped after U.S. lawmakers agreed on a debt-limit deal, boosting investors’ appetite for riskier assets as the dollar ticked higher. Silver retreated from near the highest level since June 2018.

Spot gold -0.5% to $1,417.69/oz at 12:11pm in Singapore. Price hit $1,453.09 on Friday, highest since May 2013. Silver -0.8% to $16.2255/oz after as much as +1.4% Monday; metal gained to $16.5907 last Friday, a 13-month high. Bloomberg Dollar Spot Index +0.1%, rising for third day.

President Donald Trump announced the deal to suspend the debt ceiling and boost spending levels, averting the risk of a payments default. Meanwhile, as next week’s Federal Reserve policy-setting meeting looms, speculators and asset managers have been staking out increasingly divergent stances on the path of interest rates as prospective cuts come more closely into focus.

Source : Bloomberg


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