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Gold to remain stong, silver expected to rise

ByVictoria

Gold prices firmed on Wednesday as investors stayed cautious amid lingering uncertainty over the U.S.-China trade truce and waited for key U.S. inflation data for clues on the Federal Reserve’s interest rate trajectory.

Spot gold XAU= was up 0.3% to $3,330.69 an ounce at 1122 GMT. U.S. gold futures GCcv1 were up 0.3% to $3,351.60.

“Gold should remain supported as long as global trade tensions risk escalating further, or even just staying elevated for longer.”

“We expect silver to reach $38/oz in the coming months. Market deficit considerations and a weaker USD hold the key for even higher prices – a test of $40/oz is possible,” UBS said.

Source – Reuters

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    Gold up 1.7%

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    Futures are up 1.7% at $3,350.60 a troy ounce and on track for weekly gains of nearly 4%.

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    Gold Climbs as Bullion-Backed ETFs Add to Holdings This Year

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    Bullion traded around $3,020 an ounce, less than $40 shy of the record high reached last week. Gold-backed ETFs have added about 154 tons so far this year, according to data.

    Spot gold rose 0.3% to $3,021.31 an ounce as of 11:18 a.m. in New York, snapping three days of losses. The Bloomberg Dollar Spot Index fell 0.2%. Silver, platinum and palladium all advanced. 

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    Kentuckians could sue Gov. Andy Beshear over a gold and silver sales tax

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    Follow up on Kentucky considers bill to entice gold and silver investors

    House Bill 2, introduced last week by Rep. T.J. Roberts, R-Burlington, and backed by several other GOP representatives, would void a controversial line-item budget veto by Beshear last year that prevented state lawmakers from exempting “bullion currency” — or gold and silver coins — from taxation.

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    ByVictoria
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