Sunday, November 27, 2022

ਵਾਹਿਗੁਰੂ

spot_img


Gold near record high on recession warnings

Mumbai, Aug 16, 2019-

Gold prices surged to near-record high levels yet again on Friday as renewed fears of a possible recession led investors to run for safe haven assets like gold.

Gold prices had earlier fell sharply from its record highs after US deferred imposing fresh tariffs on imports of Chinese products.

Despite this, closely watched recession indicators warned a possible recession — typically defined as fall in GDP for two consecutive quarters.

At the Multi Commodity Exchange (MCX), the October contract of gold touched an intra-day high of Rs 38,220 per 10 gram. Earlier, the precious metal touched a life time high of Rs 38,666 per 10 gram.

At 3.05 p.m., the October contract of Gold was trading at Rs 37,851 per 10 gram, down Rs 312 or 0.82 per cent.

Experts said that investors rushed for gold over the recession warning that came from bond market. The inversion in the US bond yield have hit levels last seen in 2007, just ahead of the global financial crises.

This followed Germany reporting a negative growth, hence nearing the risk of a recession. UK had already reported a contraction in growth amid Brexit woes and China added fuel to fire after it released weaker than expected factory data.

Investment firm Morgan Stanley had said that if the trade war further soars via US further raising tariffs on all goods imported from China to 25 per cent, “we would see the global economy entering recession in three quarters”.

The Reserve Bank of India (RBI) had also lowered India’s GDP growth projection. RBI Governor Shaktikanta Das said it was warranted by various high frequency indicators pointing to weakening of both domestic and external demand conditions.  (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

spot_img

Stay Connected

45,612FansLike
114,078FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

As Airport Lounges Become More Crowded, Credit Card Issuers Have Put up Some Guidelines around Accessing the Benefit – Know Details Here

There was a time when economy-focused leisure travellers used to find it hard to get airport lounge access. Gone are those days, as now...

Guidelines for Picking Your Favourite student cover Plan

While accidents can happen at any time, children are a lot more prone to these, especially in school. Here, investing in a student cover...

The India we see now was envisioned by Nehru, brick by brick – by Sandeep Bamzai

Protected by British power, the rulers of princely states neglected their subjects; they not only collected rent, but also various illegal levies and subjected...

SPORTS

Health & Fitness

National Anti-Obesity Day: Beware of slow pandemic, caution experts

Bengaluru, Nov 26, 2022- Obesity is a slow pandemic and one must be careful especially about childhood obesity, as per experts. The national Anti-Obesity day is celebrated on November 26 every year to create awareness of dangers of obesity and prevention of the pandemic. Dr Shyam Sundar C.M.A Consultant Endocrinology and Diabetology, SPARSH Hospital states that obesity is a slow pandemic...

Gadgets & Tech

error: Content is protected !!