Gold price approached 1800 again as the US dollar weakened. Disappointments from Merkel and Sakorzy's meeting also drove demand for safe-haven higher. The benchmark Comex contract for the yellow metal rose for a third consecutive day and settled at 1797.6, up +0.71%.Risk appetite was initially lifted as retailers reported strong earnings results and US President Barack Obama pledged to adopt new measures to reduce deficits and boost employment growth. Optimism was then pared after US' PPI exceeded expectations and mortgage applications plunged. The near-term outlook for financial markets remains mixed.
US President Barack Obama said that he will propose a plan in September to stimulate economic growth and the job market. It's believed the plan will include tax reduction, construction work and assistance for the unemployed. Concerning the economic outlook, Obama said he's not worried about another recession but the country is 'in danger of not having a recovery that is fast enough to deal with a genuine unemployment crisis for a whole lot of folks out there'.
By
M.Zohaib Gadit
Forex Trading Consultant
US President Barack Obama said that he will propose a plan in September to stimulate economic growth and the job market. It's believed the plan will include tax reduction, construction work and assistance for the unemployed. Concerning the economic outlook, Obama said he's not worried about another recession but the country is 'in danger of not having a recovery that is fast enough to deal with a genuine unemployment crisis for a whole lot of folks out there'.
By
M.Zohaib Gadit
Forex Trading Consultant
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