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The geopolitical tensions and the attack on Saudi oil led to a gain in safe-haven assets like precious metals.
On Saturday, drones hit Saudi Arabia's oil facilities, leading to an increase in global oil prices, and it also brought the secrets of retaliatory attacks where the US accused Iran of making the drone attacks on Saudi oil facilities.
Gold remained steady as the traders stayed sidelined with the rate cuts made by the US Federal Reserve. Spot Gold was up to $1,497.98 per ounce on Tuesday, 17 September. Spot Gold price gained almost 1 per cent from the previous session on the day over intensified tensions in the Middle East.
The Federal Reserve is expected to bring in the next policy statement where it will introduce new cuts after lowering the rates in July.
The analysts will carefully examine the economic projections by the Fed and its statement as the country US and China are undergoing a trade war, and the ECB has introduced a stimulus. At the same time, weak manufacturing data continues to create problems for the US.
Experts suspect if the Fed makes any statements against the market, the price of yellow metal can test upward limits of $1455.
The currencies of oil-exporting nations are held firm, and the US dollar remained strong even after the attacks with the threat of military action in the region.
The stock market remained under pressure when the US president said it looked like Iran was behind the drone attacks, but America did not want to go to war.
Markets are looking forward to the deputy-level talks between China and the US, which will start on Thursday.
The current market-led silver price was $17.83 per ounce, whereas per kilogram silver was $575.18, which was 0.1% down, and palladium gained 0.2% to $1,607.77, while platinum remained at $936.10.
Investors can buy coins, items or jewellery of precious metals. Silver bullion, silver bars, jewellery and products made from metal account for less than 50 per cent of the total global consumption.
It is known for thermal and electrical conduction and is used in making flexible wires. It is a malleable, ductile metal resistant to corrosion. Its surface oxidizes when it comes in contact with air, and it has multiple uses in medicine, media and cosmetics.
It is used in over-the-counter treatments to treat warts and corns, and its layer can be found on media storage devices. It can also be found in deodorants and containers used to store milk.
It can be found in the coating in jugs used to store milk that helps in protecting milk from harmful bacteria. It is also a key ingredient in batteries, water purification, laundry, solar panels, automatic industry, etc.
Citibank analysts feel that the yellow metal can breach $2000 and post cyclical highs in the coming one to two years. Most experts believe the overall positive trajectory for the precious metal will remain intact.
To learn more about silver investments, click 99 Alternatives at (http://www.99alternatives.com).
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