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October Gold News 2019


Pound climbs higher as PM concedes on Brexit extension

Pound climbs higher as PM concedes on Brexit extension

The Pound Sterling touched the $1.30 mark this morning as investor confidence in a Brexit deal passing in the near future grows, with the German investment bank Berenberg saying there is now a 75% chance of an orderly Brexit.

Despite MPs voting for an amended Withdrawal Agreement on Saturday rather than the exact deal agreed with the EU, many believe the government has the numbers to pass the Withdrawal Agreement at the second try now that the Hard Brexit / no-deal loophole is gone - a red line for many MPs.

IMF cuts growth forecast, warns central banks of ‘limited ammunition’ to combat recession

IMF cuts growth forecast, warns central banks of ‘limited ammunition’ to combat recession

The International Monetary Fund has issued a stark warning to central banks across the world that they need to be smarter with their policy decision else risk wasting the ‘limited ammunition’ they possess to stop recession taking hold.

IMF counsellor Gita Gopinath did praise central banks such as the ECB and the Fed for their interest cuts and how that had benefited the growth forecasts by around half a percent, but she stressed that governments needed to avoid reliance on central banks to manoeuvre them out of difficult economic situations.

Double-whammy hits gold price as Brexit progress and US earnings boost markets

Double-whammy hits gold price as Brexit progress and US earnings boost markets

The price of gold has been bumped down from £1,178.86 per ounce down to £1,159.20 following news from Bloomberg that the UK and EU are closing in on a last-minute Brexit deal.

The gains for Sterling put it above the $1.275 mark for the first time since late June, but the currency is still some way off the exchange rate from when the Brexit referendum result was delivered in 2016 at around $1.48.

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