On Wednesday, gold prices rose because investors were tentative in expectation of a trade agreement between China and the United States. The demand for precious metals often considered a safe haven supported by concerns regarding the growth of the global economy. The spot gold increased by 0.1% to 1,485.25 USD per ounce. Gold has shown its major one-day percentage drop on Tuesday, since the end of September at 1.7%. The U.S gold futures increased by 0.2% to 1486.90 USD. It is noteworthy that the long-running trade war between the United States and China has disrupted financial markets and raised concerns regarding the global economic slowdown. It helped the yellow metal rise more than 15% during the current year.
The passion for risk has also been boosted by financial optimism that the United States and China are narrowing their trade differences and allowing the first phase of a trade deal. The new trade deal is expected to be signed this month and putting pressure on gold in the last 2 sessions. The Asian stocks fell for the first time in 4 sessions as some investors seemed to dampen their optimism in the absence of tangible progress in negotiations between the world’s 2 major economies to calm their trade war. It is important that the dollar index fell against major currencies, reducing the cost of the yellow metal to non-U.S investors.
It is noteworthy that the Nineveh province has announced on Wednesday the addition of new financial allocations from the Reconstruction Fund for the liberated areas for new projects for the province. The Governor of Nineveh, Mansoor Al-Maraeed issued a press statement and said that a meeting with the Director of the Fund for the Reconstruction of Liberated Areas took place and allocated an amount of 20 billion Iraqi dinars to include projects within the reconstruction plan for 2019. He also stressed the existence of great cooperation between the management of the Fund and the province. Al-Maraeed directed to identify priorities for projects of interest to the province and most beneficial to the citizens of Iraq.