Italy Crisis caused Gold Prices To Strengthen

Gold Prices down

Gold prices rose on Wednesday after rising more than 1% in the previous session due to concerns over Italian state finances. EU officials expressed concern about Italy’s financial budget plans and widespread fear that a budget deficit is driving gold’s safe-haven demand.

Meanwhile, senior Italian lawmaker Claudio Borghi said most of the country’s problems would be resolved if the country adopted a national currency.

Borghi then clarified his statement by saying the Italian government had no intention of leaving the euro.

Prime Minister Giuseppe Conte also said that the country was truly committed to the euro and that every comment that the single currency was only an individual opinion.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange edged up 0.01% to $ 1,187.50 per troy ounce at 12:40 WIB.

The US dollar index, which tracks the greenback against six major currencies, traded at 94.98, down 0.2%.

In other news, Federal Reserve Chair Jerome Powell gave a speech in Boston on Tuesday and said he was confident that low unemployment would not force the US central bank to raise interest rates aggressively.

“Wage increases are broadly consistent with the observed price inflation rate and labor productivity growth because that does not lead to an overheating labor market,” Powell said on Tuesday. “Furthermore, the growth of higher wages alone does not need to be inflationary.”

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