Gold prices have been taking a jump in the US trading market and recently it crossed $1500 level to reach the six-year high figure. Along with the gold, the silver prices also hit a 13-month high of $17.01 on the basis of December Comex futures. The demand for the two precious metals is increasing across the world. Due to this, December gold futures were last up $23.50 an ounce at 1,507.70 and September Comex silver saw a jump of $0.52 at $16.965 an ounce.
The US-China trade war is the major factor responsible for the present situation of the marketplace. China’s central bank has set its currency, the yuan, exchange rate with the US dollar at 7.0211, which is just below the psychological 7 barrier. This is the lowest fixing set by the Chinese central bank in the last 11 years. This had led to Donald Trump labelling China a “currency manipulator”. The world marketplace will play a crucial role in determining the exchange rate because China has been accused of using its currency as a trade weapon which is why the US also accused China of using its currency for manipulating things in the market.
Michael from Melbourne Gold Company reported that many people sell gold bullion by noticing a sharp increase in the prices of gold and silver. These people have had their gold investments for many years and sell seeing gold prices hit record high’s. This helps them to profit from the market. However, the selling just gets absorbed as the gold bulls have the strong near-term technical advantages and psychical buying is still very strong even at record high gold prices. September silver futures bulls also have the solid overall near-term technical advantage. And the US dollar index is currently trading at a lower level in the early US trading. The US economic data also includes the weekly MBA mortgage applications survey, consumer credit, and the weekly DOE liquid energy stocks report.
Another Violent Weekend in Chicago, 5 Dead
In 37 separate shooting episodes in Chicago, an 8-year-old girl and 4 people died. This gunfire was not the only one this weekend. The incident left 5 dead and 47 people injured. Shooting took place between 6 pm to 11:59 pm on Friday.
Lori Lightfoot, the Mayor of Chicago, said- “We have way too many guns on the street. We have too many incidents that are petty disputes that are getting solved by somebody fighting and we still are vexed by these large crowds that gather between 11 and 4 am. Where people are outside enjoying the summer and unfortunately become the targets of the people who want to create havoc in communities by shooting into large crowds.”
Even though police took off 6954 illegal guns off the street, the shootings increased by 20% since last year. On Saturday, a 19 year old man was standing in the Humboldt Park at 3:15 am, which is on the west side of Chicago. He was standing with a group of men when the police received a round of bullets.
Just 15 hours after this incident, a 47 year old man was in his vehicle and got shot. He was in his car when an unknown offender approached him and fired shots. The victim died after a short while after being in the hospital.
Other than these two victims, there was a 16 year old male, 29 year old male and again a 39 year old male. There was also a drive-by shooting in Chicago‘s West side on Sunday which injured 6 people. Out of 6, one is in a critical condition.
This happened when 5 women and one man were in the Garfield Park, in Sunday, for a weekend party. It was then that a sedan drove over and open fired. A witness shared her experience with the police. She said- “They drove through the block three times, but the first time we thought it was ok because we know them. Then they pulled around a second and third time, laughed at us. And then I heard 6-10 gunshots.”
Lightfoot, the mayor wants to put an end to this violence in the Tier One neighbourhoods.
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