Gold prices maintain the longest range of profits since February

Gold prices have maintained the longest series since February, supported by the growing fear of the slowdown of the US economy, which strengthens the demand for safe ports, as well as the traders’ bets to lower interest rates. The price of the precious metal in early Asian trades stabilized approximately $ 3.383, after the profits of more than 3% were registered during the previous four sessions. The latest indication of the damage caused by customs duties of the US economy comes from data showing the stagnation of the service sector in July. Data last week also revealed the poor labor market and consumer spending. Future reduction expectations support gold has determined indicators in the largest economy in the world to feed the expectations that the Federal Reserve will go to facilitate monetary policy at the next September meeting, where traders believe there is a 90% chance of reducing interest. Low interest rates are a supporting factor for gold, which does not produce yields. Gold has increased by about 30% since the beginning of the year, driven by investors’ demand for safe assets amid the increase in commercial conflicts, geopolitical tensions and the erosion of confidence in the assets living in the dollar. However, in recent months, the metal has limited to a narrow trade scope, without new incentives to win the level of historical high of about $ 3,500 per gram in April. Gold settled in Singapore at $ 3,383.09 per hour at about 8:19 p.m., while the Bloomberg index of the dollar remained without change. The prices of silver and albumium did not see small changes, while platinum fell slightly.