Gold prices up on high sell-offs recorded in global stocks
Gold futures at the time this report was drafted gained 0.27% to $1,943.
Gold futures at the time this report was drafted gained 0.27% to $1,943.
The plunge marked the biggest one-day drops for all three indexes since June.
Both Crude oil benchmarks dropped more than 2% with WTI sliding to its lowest.
Many currency traders believe that the U.S dollar index is showing an oversold signal.
Prices of gold futures dropped below $1,980, a crucial support level thanks to the dollar’s recent strength.
China’s factory activity expanded at the fastest rate in nearly ten years in the month of August.
The yellow metal tends to usually rise in value on expectations of lower U.S interest rates.
Brent crude prices in the last few weeks, keep ranging between the $44-$46 ranges.
The U.S Fed Reserve strategy now permits inflation to rise above its 2% target.
The U.S. Dollar Index tracks the American dollar against other major currencies.
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