Gold continues to rise amid activity smuggling the yellow metal to India
Gold prices continued to rise to new record levels, today, Thursday, with an influx of demand for safe assets, against the backdrop of trade tensions between the United States and China, the closure of the American government, and increasing possibilities of reducing Interest rates by the Federal Reserve.
The price of gold rose in Other Precious MetalsThe spot price of silver fell 0.1% to $53.00 an ounce, after hitting a record high of $53.60 on Tuesday. Platinum rose 1.1% to $1,673.12, while palladium rose 1.7% to $1,562.23.
High gold prices to record levels and a shortage in supply contributed to stimulating gold smuggling to India – the second largest buyer of the precious metal in the world – before major festivals.
On the monetary policy front, it is expected Traders cut interest rates in America by 25 basis points this October, with another cut next December, with two possibilities of 98% and 95% respectively.
Meanwhile, a US Treasury official said that the ongoing two-week federal government shutdown could cost the economy up to $15 billion per week due to production losses.
Meanwhile, an official said The US Treasury Department said the two-week federal government shutdown could cost the US economy up to $15 billion per week due to production losses.
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