Gold gained $32 per ounce in 12 hours yesterday, with the majority of the rise coming after Powell’s speech to the House Committee on Financial Services. Powell told the committee that the Fed’s own interest-rate team – known as the FOMC – was beginning to favour a cut to protect the American economy.
July Gold News 2019
The Pound Sterling fell by half a cent yesterday to $1.246, as the British Retail Consortium reported the “worst June on record” for the UK – down 1.3% compared to the same point last year.
The Indian government has increased the import duty on gold from 10% to 12.5% this week, in an attempt to address the nation’s deficit.
Gold is the second largest import in value terms, behind fuel, making it an easy target for taxation, and it hit a record-high in Rupees last month, peaking at 99,666 rupees per ounce.
The National Bank of Poland (Narodowy Bank Polski) has announced that it has increased its gold bullion reserves to 228.6 tonnes.
The bank has been pursuing gold in line with the global trend of increasing reserves to protect against economic uncertainty.
The Pound Sterling has fallen over half a cent this afternoon following two days of poor economic data.
Bank of England chairman Mark Carney admitted to the LGA conference in Bournemouth this afternoon that Q2 2019 experienced "considerably weaker" economic growth than expected, and warned of continued disappointing growth figures in the short term.
Investors in Neil Woodford’s Woodford Equity Income Fund have been told that they will have to wait at least another 28 days before they can withdraw their money from the fund.
Link Asset Services, who are the corporate director of the £3.7 billion Equity Income Fund, say the move is to give Woodford and his team more time to make the necessary changes from illiquid to liquid assets.
With gold reaching a record price of A$2,044 per ounce last month, it’s no surprise that gold mining in Australia is enjoying a fresh wave of interest from investors and consumers alike.
Rising demand for gold - a popular safe-haven investment - has seen mining firms become the subject of mergers, takeover bids, and injections of cash as investors seek to take advantage of the market upswing.