https://www.kitco.com/news/2018-12-19/Gold-Silver-Precious-Metals-Daily-News-Briefs.htmlAllen Sykora
Allen Sykora Wednesday December 19, 2018 08:47
Kitco News
Gold holdings in exchange-traded funds have continued to rise as investors await a decision and policy statement from the Federal Open Market Committee, says commodities brokerage SP Angel. U.S. President Donald Trump again “trashed convention” and urged the Fed to not hike rates, SP Angel continues. “Global [ETF] assets expanded more than 10 tonnes to the highest since July, with investors seeking havens as equities founder, and expectations of hikes in 2019 recede,” SP Angel says. “Gold snapped a six-month losing run in October, held its ground in November, and then gained this month as investors position themselves for 2019 by adding to worldwide holdings in ETFs.” Despite Truck upping the ante by appealing for the Fed to avoid making “yet another mistake” by upping rates, policymakers are still widely expected to raise borrowing costs for the ninth time since they started tightening in 2015, SP Angel says. “Gold’s been drawing demand amid expectations that U.S. hikes are now largely done, enhancing its appeal.” As of 8:20 a.m. EST, spot gold was $1.75 softer to $1,247.55 an ounce but earlier peaked at $1,251.15.
