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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 oil facilities which led to an increase in the 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 price 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 economic projections by the Fed and its statement will be carefully examined by the analysts as the country US and China are undergoing trade war and a stimulus has been introduced by the ECB, while, 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 $1455.
The currencies of oil-exporting nations are held firm and US dollar remained strong even after the attacks with the threat of military action in the region.
Overall the stock market remained under pressure where the US president said it looked like Iran was behind the drone attacks but America did not want to go for a war.
Markets are looking forward to the deputy level talks between China and the US which are scheduled to start on Thursday.
The current market-led silver price to $17.83 ounce where per kilogram silver pricewas $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 jewelry of precious metals. Silverbullion, silver bars, jewelry and products made from the metal accounts for less than 50 per cent of the total global consumptions.
It is known for thermal and electrical conduction and is used in making flexible wires. It is 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 used in batteries, water purification, laundry, solar panels, automatic industry and others.
Citibank analysts feel that the yellow metal can breach $2000 and post cyclical highs at some point in the coming one to two years and most experts believe the overall positive trajectory to the precious metal will remain intact.
To find out more about silver investments, click 99 Alternatives at (http://www.99alternatives.com).
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