Gold manages to rise despite the political Uncertainty

Gold

U.S. and European stocks were down on Thursday’s session, with the U.S. dollar following this downtrend. U.S. treasury yields reversed earlier declines, as political unrest in the United States and a mal-performing retail earnings report sent Investors cowering into safe havens investments like Yen and Gold.

Investors were concerned about the developments that were related to the firing of FBI Director James Comey by the U.S. President Donald trump. People  in the white house noted that the president has been developing the plan for months, but a turning point came when Comey refused to preview for top Trump officials.

U.S. Stocks trimmed losses, but the benchmark S&P 500 has posted its biggest singles trading day fall in four weeks. Investors will be keeping a close eye for the April retail sales data that will be released on Friday for signs that consumers would be shifting their spending from department stores.

The Dow Jones Industrial Average fell by 23.69 points or 0.11 percent and closed the session at 20,919.42, while the S&P 500 also lost 5.19 points which is equal to 0.22 percent and was trading at 2,394.44 when the market closed. The Tech heavy NASDAQ Composite was down by 13,18 points, which was equal to 0.22 percent and was traded at t6,115.96.

Gold Prices rose by 47 percent and was being sold at $1,224 per ounce while copper pushed hard and reached new highs for the week.

While Wall Street’s down turns pushed the U.S. treasury yields in lower positions since March, Further selling of Treasuries was limited by a weak 30-year auction and yields were little changed.

FAQs

Leave a Reply

Your email address will not be published. Required fields are marked *