8/7/2019, 3:43 PM (Source: TeleTrader)
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Gold surpasses $1,500 first time since April 2013

Spot gold and silver were catapulted on Wednesday amid a slump in yields on benchmark sovereign bonds and a stock selloff at the opening bell on Wall Street. The yellow metal climbed 2.03% at 3:45 pm CET to $1,504.37 per ounce, last touched in April 2013. Silver spiked 3.65% to $17.04 per ounce for the first time in almost 13 months.

Germany's annual pace of decrease in industrial output accelerated in June to 5.2%, the most since November 2009, led by manufacturing's decade-high slump of 6%. Today's official statistical release prompted fears of a recession as the Bundesbank already warned the Eurozone's largest economy may have contracted in the second quarter. In the wake of the spillover of the trade war between the United States and China to foreign exchange policy, central banks of New Zealand, India and Thailand slashed interest rates today and surprised markets to the downside and US President Donald Trump said the Federal Reserve must cut borrowing costs "bigger and faster."

Platinum held just 0.23% in the green at $854.68 and palladium nosedived 2.01% to $1,415.31 per ounce

Baha Breaking the News (BBN) / IT