Global gold prices hit highest value in 6 months


Global gold rates reached at the highest value in the last 6 months on Wednesday (yesterday).

Global gold prices are significantly increased due to the worries over the uncertainty in the US politics. In addition, the slowing economic growth on the global level and the partial government shutdown are also affecting gold rates.

US gold futures are increased by $1275.2 per ounce (0.3%). Spot gold also increased by $1272 per ounce (0.3%) and hit $1274.68 per ounce in the early trade.

Senior Vice President MKS SA, Afshin Nabavi, said that there is some place of refuge purchasing as of right now due to the halfway (US government) shutdown. The dollar against the Japanese yen and Swiss franc has lost a considerable amount of significant worth.

The US Senate has been not able break a gridlock over Trump’s interest for more assets for a divider on the outskirt with Mexico, and a senior authority said the shutdown could proceed until Jan 3.

Afshin Nabavi said that With geopolitical vulnerability, speculator enthusiasm for gold could drive costs up to as much as $1,280-$1,300 in the coming year.

Spot gold is up about 4.1% for the month up to this point, putting it on track to enroll its best December in around 10 years.


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