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© Reuters.
By Barani Krishnan
Investing.com – The macro fund got the memo: sell oil and buy gold.
Bullion and gold futures rose for a sixth day in a row Wednesday, reaching nearly $ 1,350 an ounce, boosted by bets that will force the Federal Reserve to cut rates for protect the United States from a possible global recession and keep its economy running after a record growth of nearly a decade.
Falling oil prices, with larger losses expected due to weak fuel demand despite the summer driving season, also resulted in macro-economic funds for gold and oil, analysts said . Shares in SPDR Gold (NYSE :), the largest gold-backed exchange-traded fund in the world, rose 0.3% to 743.21 tonnes on Friday, reflecting growing interest in funds .
, reflecting bullion trading, was traded at $ 1,329.65 an ounce at 3:30 pm ET (7:30 pm GMT), up $ 4.25, or 0.3 percent, the same day. Previously, he had a three-month high of $ 1,344.08.
for the August delivery, traded on the Comex division of the New York Mercantile Exchange, settled 4.95, or 0.4%, at $ 1,333.60 an ounce. The high of the session was $ 1,348.75, the highest since the week ended February 17th.
The gold contract of August has earned more than $ 55, or 4%, since May 29th. The contract's last win came in January, when it also climbed for six consecutive sessions to surpass $ 1,330.
Many market players expect that the US-led double trade wars with China and Mexico will continue to propel gold as a safe haven, perhaps pushing it further behind. Beyond $ 1,400 an ounce, a high level of resistance.
But some analysts have said that the precious metal could reach the end of its ascension if it is not soon more advanced.
"At this point, US $ 1,365 is a very important technical hurdle that we have to overcome. If we do not do this, we are taking serious profits, "said Walter Pehowich, an independent precious metals analyst in New Jersey. .
Federal Reserve Chairman Jerome Powell said in a speech that the central bank would do everything in its power to maintain the almost record growth of the US economy, in the context of President Donald Trump's trade wars.
Elsewhere in metals, palladium, an auto component, managed to stay right in front of the gold as he feared that the global automotive sector would slow down as a result of ongoing trade wars.
decreased by $ 18.10, or 1.3%, to $ 1,330.80 an ounce. The silver-white metal, used to purify gasoline emissions, stood at more than $ 1,600 at some point in early March. But he lost about 20%, fearing having too much reacted too soon after talking about a restricted offer.
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