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Global gold prices corrected 0.77% to US$ 1,504.15/ounce on Thursday (September 19th), down from US$ 1,515.8/ounce the previous trading day. According to Ibrahim, Director of PT Garuda Berjangka, the decline in global gold prices was caused by a tweet from U.S. President Donald Trump stating that the Federal Reserve's (Fed) cut to the Fed Funds Rate was insufficient to boost the U.S. economy.
Trump declared the Fed a failure. His tweet was prompted by concerns over the impact of the US-China trade war, which threatens to push the U.S. economy into recession.
Furthermore, Trump also ordered the Department of the Treasury to impose new economic sanctions on Iran. This decision followed a drone attack on an oil refinery in Saudi Arabia by Houthi rebels. The U.S. accuses Iran of being behind the attack.
(Read Databoks: [link to article])
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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