With all eyes on Fed policy, G-20 meet, gold to shine; oil on the boil ahead of OPEC meet


With all eyes on Fed policy, G-20 meet, gold to shine; oil on the boil ahead of OPEC meet

A weak dollar, dovish Fed signals and safe-haven buying led to gold closing in the green for the second week. The yellow metal climbed above $1,350, a level that was last seen in April 2018. Weaker-than-forecast economic releases held the dollar down, favouring the yellow metal’s price rise.

Filings for United States unemployment benefits increased, rising to a five-week high and adding to signs of potential cooling in the labour market. A closely-watched measure of US inflation, the core consumer price index, rose 2 percent from a year earlier, against a survey of a 2.1 percent increase.

In May, the US’s $207.8-billion budget deficit was up from $146.8 billion in the corresponding month the year prior. Read More

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