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Tariff Delay Dropped Gold Price

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Gold spot price has updated a new annual high near $1535 per ounce. However, it almost immediately reversed and rapidly collapsed by $55, or 3.6%, and is currently trying to fix above the level of $1495. Such a shake occurred throughout the market, for example, the DXY index grew by 0.4%, S&P 500 grew by 2.1%, Brent crude oil increased by 4.3%. The movement followed the statement made by US Trade Representative, which said they will delay imposing additional tariffs on some Chinese goods (including cell phones and laptops) until Dec. 15. Also, the US Trade Representative said some products were being removed from the tariff list based on health, safety, national security and other factors.

Nevertheless, long-term forecasts are quite optimistic for gold. According to a Bloomberg survey, 69% of the traders and analysts are optimistic about the future prospects of gold. Goldman Sachs raised its price forecast for the next 3, 6 and 12 months to $1575, $1600 and again $1600, respectively. The review also says that holdings in gold-backed ETF funds will increase by 600 tons in upcoming months.

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Source: https://olymptrade.com/
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