Gold hits 1-year low as dollar firms up

Gold Price Falls; Look at Factors Governing the Rates This Week

A prolonged US trade war with China and Europe would dent global economic growth and force investors to reassess the profitability of USA companies, some of the biggest hedge funds and private equity investors in the United States warned at an investment conference on Wednesday. The Topix oil and coal products subindex jumped 2.12 percent, recovering after tanking earlier this week on the drop in oil prices. Silver prices, however, edged lower.

Fed's Powell in a closely watched two-day congressional testimony, said he believed the United States was on course for years more of steady growth, and carefully played down the risks to the usa economy of an escalating trade conflict.

Powell tells lawmakers, "We have this precious grant on independence".

"Currencies that tend to be bought when markets turn risk off are the dollar and the yen, so the yen would strengthen against the dollar while the dollar would strengthen against other currencies", he said.

In the past, when this yield curve has become inverted - meaning that short-term rates are higher than long-term rates - that development has often signaled a recession. U.S. gold futures for August delivery shed 0.3 per cent at $1,223.30 an ounce.

The S&P 500 hit a more than five-month high.

Trump claims ex-lawyer's phone-taping is 'perhaps illegal'
On Saturday, Trump appeared to slam both the Federal Bureau of Investigation raid and Cohen's behavior as "inconceivable". New York, where the taping reportedly took place, legally requires only one person's consent for such a recording.

Inc's stock market value reached $900 billion for the first time, though the shares later reversed course to trade slightly lower. The region's shares were supported by currency weakness and a rally in tech stocks following well-received earnings updates, including from Sweden's Ericsson.

Palladium was down 0.1 percent at $905.47 per ounce.

Elsewhere in Canada, the Canadian Dollar rose against its U.S. counterpart to gain 0.42 percent to trade higher at 1.31899 USDCAD at the close, boosted by a stronger U.S. Dollar.

Japanese exporters advanced in early trading Wednesday with Toyota rising 1.55 percent to 7,489 yen, Honda climbing 0.96 percent to 3,355 yen and Panasonic up 1.10 percent at 1,459 yen.

Benchmark US 10-year notes last fell 1/32 in price to yield 2.8637 per cent, from 2.862 per cent late yesterday. The US yield curve remained near its flattest in almost 11 years. While forward guidance may point to an upward move, much will depend on the outcome of the ongoing trade war between the U.S and key trading partners, an extended trade war expected to hit the global economy that would sink demand for raw materials and the Australian economy with it. Globally, gold fell 0.32 per cent to United States dollars 1,223.30 an ounce and silver by 0.84 per cent to USD 15.41 an ounce in Singapore.

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