Gold price reaches strongest level since April

Tuesday, 19. February 2019 14:33

Precious metals gained on Tuesday as investors sought to shield themselves amid the perceived consumer price pressures, but also on technical factors and the recent purchases of physical gold by central banks around the globe. As the United States Federal Reserve scaled back its projection for interest rates, inflation is largely seen at least remaining around the target 2% level, while a breakthrough in the current negotiations between the United States and China would underpin trade and the global economy too.

Risks of a no-deal Brexit are surging and the United Kingdom's disorderly pullout would push prices of agricultural and other products higher due to tariffs and bottlenecks at customs. Market participants also penciled in seasonal factors, as purchases of jewelry normally increase at this time of year.

Gold jumped 0.47% to $1,332.67 per ounce at 2:31 pm CET, the highest point since April 24. It peaked for the second day in a row after a string of five such sessions at the end of January. Silver rose 0.34% to $15.86 for one troy ounce. The daily high, one cent above, was the strongest since February 8. Platinum was 0.94% in the green at $814.21 after hitting $815.16 for the first time in almost two weeks. Palladium added 1.08% to trade at $1,473.02 per ounce following an all-time high of $1,490.88.

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