Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Mining

Gold heads for third weekly gain on rising demand for havens

admin by admin
August 5, 2022
in Mining


Gold traded near a one-month high — after jumping the most since March on Thursday — as US-China tensions and a deepening global slowdown buoyed demand for haven assets.

Bullion surged 1.5% on Thursday and is heading for a run of three straight weekly gains after China likely fired missiles over Taiwan during military drills. Beijing has responded aggressively to US House speaker Nancy Pelosi’s visit to the island this week, the highest ranking American politician to go there in 25 years.

There were more signs that the fight to cool inflation will weigh on global growth. The Bank of England unleashed its biggest rate hike in 27 years as it warned the UK is heading for more than a year of recession, while Cleveland Federal Reserve Bank President Loretta Mester said US interest rates needed to be raised above 4%.

Gold has risen more than 6% from a low on July 20, benefiting from a weakening dollar and falling US bond yields. Traders will be looking at US nonfarm payrolls data Friday for clues on the Fed’s tightening path. The report will likely show that hiring softened in July, according to Bloomberg Economics.

Spot gold rose 0.2% to $1,793.90 an ounce as of 9:04 a.m. in Singapore and is up 1.6% this week. It climbed to $1 794.97 on Thursday, the highest intraday level since July 5. The Bloomberg Dollar Spot Index added 0.1%. Silver, platinum and palladium advanced.



Source link

Previous Post

Tesla Announces a Three-for-One Stock Split

Next Post

EPA funding for battery recycling ‘part of the piece’ in handling of scrap metals, says CEO

Next Post

EPA funding for battery recycling ‘part of the piece’ in handling of scrap metals, says CEO

Recommended

Nornickel reduces nickel, palladium sales in H1 as supply chains disrupted

2 weeks ago

Centamin achieves higher interim revenue, profit

1 week ago

Know Top Risks, Strategies & How to Practice Accountability

3 weeks ago

Pensana starts building UK’s first rare earths refinery

2 weeks ago

Sustainable Mining Relys on Digitization Efficiencies to Boost Energy Savings

3 weeks ago

Altiplano Discovers New Zone at Maria Luisa; Drills 10.50 Metres of 3.76 g/t Gold and 3.83% Copper

5 days ago

© 2022 Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.