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Gold cuts losses as dollar falls
08:49 - 07/07/2018
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Information / Baghdad ..
Gold prices fell Friday, but recovered from session lows as the dollar and stock markets rose, but the precious metal ended the week on a small increase amid rising trade tensions between the United States and China.
The US currency fell after data showed the US jobless rate and lower-than-expected wage growth in June, although the economy created more jobs than expected. Wage growth is a closely watched sign of potential inflation that could prompt the Federal Reserve to make further interest rate increases.
A weak dollar would give gold support because it makes the precious metal priced in green currency cheaper for holders of other currencies.
US customs duties on Chinese imports of $ 34 billion began Friday, and the Chinese Ministry of Commerce immediately responded by charging 25 percent of US products with the same value.
Markets have quietly absorbed tariffs and shares have risen. The rise in stock markets puts pressure on gold prices by reducing the demand for yellow metal as a safe investment tool.
In late US trading, spot gold was trading at $ 1255.30 an ounce, down 0.2 percent after falling earlier in the session to a low of $ 1252.15. The week ends on gains for the first time in four weeks.
US gold contracts for August delivery fell 0.2 percent to settle at $ 1255.80 an ounc
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