Monday, 14 October, 2019

Gold Settles Lower As Dollar Rises Ahead Of Trade Talks, Fed Minutes

China's gold reserves rose for the 10th straight month in September China adds over 100 tons of gold to its coffers this year amid ongoing trade war with US
Jean Garcia | 09 October, 2019, 17:10

"Gold continues to get appraised against the US bond yields and what the Federal Reserve is going to do next", said AxiTrader market strategist Stephen Innes in a note.

Last month, the price of gold skyrocketed to its highest level in six years, highlighting the uncertainty investors have been feeling about the global economy.

Central banks have been major buyers of gold and likely will continue to do so as protectionist policies and geopolitical concerns add to demand, says Suki Cooper, precious metals analyst at Standard Chartered Bank.

"Given strained relations with the US, China needs a hedge against its large holdings of the dollar, and gold serves that function", said Howie Lee, an economist at OCBC Bank. Russian Federation is on course to become the world's fourth largest reserve holder, largely thanks to the steady interest in buying gold.

Global gold-backed ETFs and similar products had $3.9 billion of net inflows across all regions last month, increasing their collective holdings by 75.2 tons to 2,808 tons, the highest ever.

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Top-level U.S. -China trade talks are scheduled to resume later in the week, when Chinese Vice Premier Liu He meets with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington.

The PBOC's run of bullion-buying has come against the challenging backdrop of the trade war with the USA and marked slowdown in growth at home.

Gold prices rose above $1,500 an ounce again on Tuesday as talks on avoiding a disorderly Brexit came perilously close to breaking down, while more gloomy data from the US bolstered the likelihood of another interest rate cut at the end of the month from the Federal Reserve.

December gold futures, the most actively traded derivatives contract, traded as low as $1,492.10 a troy ounce Tuesday. While prices fell 3.2% in September, they are still up almost 18% this year. In the first six months, central banks worldwide picked up 374.1 tons, helping push total gold demand to a three-year high, according to the World Gold Council. The PBOC data were released at the weekend.

China has continued to plow funds into gold as a buffer against Trump's trade war, adding 5.9 tons of the metal to its reserves in September.

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