Gold pushes the entire precious metals sector up

The entire precious metals sector has made noticeable gains, with gold leading the way. Gold climbed to a 1½-week high of over $1,150 per troy ounce, crossing the technically important 100-day moving average in the process. 

There are several reasons for the surge in prices. For example, any expectation that the US Federal Reserve might raise interest rates this year has clearly been priced out. The August trade balance in the U.S. turned out to be somewhat poorer than anticipated, which caused the U.S. dollar to depreciate. 

In addition, the International Monetary Fund (IMF) downwardly revised its forecast for global economic growth this year and next, and also sees further downside risks, says Commerzbank. A noticeable weakening is apparently evident, above all in the emerging economies.