Stocks
GLD

PRECIOUS-Gold rises as investors shy away from risk amid US political uncertainty

Multiple stacks of coins on top of a graph
Credit: Shutterstock photo

BENGALURU, Dec 24 (Reuters) - Gold prices climbed on Monday,with investor appetite for risk curbed by worries over a partialU.S. government shutdown, Sino-U.S. trade tensions and falteringglobal economic growth.

FUNDAMENTALS

* U.S. gold futures GCv1 were up 0.5 percent at $1,264.1per ounce.

* The dollar index .DXY , a gauge of its value versus sixmajor peers, was steady at 96.90 in early Asian trade. USD/

* The U.S. economy slowed slightly more than previouslyestimated in the third quarter and momentum appears to havemoderated further in the fourth quarter, with new orders andshipments of manufactured capital goods falling in November.

* The partial U.S. government shutdown was almost certain todrag through the Christmas holiday after the Senate adjourned onSaturday without breaking an impasse over President DonaldTrump's demand for more funds for a border wall.

* Trump has privately discussed the possibility of firingFederal Reserve Chairman Jerome Powell, a move that could roilalready volatile financial markets, two sources familiar withsituation said on Saturday.

* China and the United States held a vice ministerial-levelcall on Friday, the second such contact in a week, achieving a"deep exchange of views" on trade imbalances and the protectionof intellectual property, the Chinese Ministry of Commerce said.

* Asian stocks started in subdued fashion on Monday asinvestors fretted that the political instability in the UnitedStates was leaving the country rudderless at a time when theglobal economy was showing signs of faltering. MKTS/GLOB

* Trump's Treasury secretary called top U.S. bankers onSunday amid an ongoing rout on Wall Street and made plans toconvene a group of officials known as the "Plunge ProtectionTeam".

* The Italian government won a gruelling vote of confidenceon its 2019 budget in the upper house in the early hours ofSunday, as it races to get the package approved before ayear-end deadline.

* SPDR Gold TrustGLD , the world's largest gold-backedexchange-traded fund, said its holdings rose 0.46 percent to772.67 tonnes on Friday from 769.14 tonnes on Thursday.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

GLD

Other Topics

World Markets Politics

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More