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Gold is down as the dollar rallies, supported by trade tensions

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rocky
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Gold is down as the dollar rallies, supported by trade tensions

Post by rocky on Mon 11 Feb 2019, 1:43 am

Gold is down as the dollar rallies, supported by trade tensions




Gold prices fell on Monday as the dollar received support from the blurring of trade tensions between the US and China, reducing the precious metal's appeal as a safe haven even as investors worry about slowing global economic growth.
By 0539 GMT, spot gold fell 0.2 percent to $ 1311.77 an ounce, and US gold futures fell 0.2 percent to $ 1315.50 an ounce.
"The strong dollar is acting as a barrier to gold in the near term," said Benjamin Lo, analyst at Philip Futures in Singapore.
Investors are looking forward to the Beijing-Washington trade talks this week as a delegation of US officials heads to China for the next round of negotiations. US President Donald Trump said last week he had no intention of meeting with Chinese President Xi Jinping before March 1, the deadline for a trade deal.
Trump pledged to increase US tariffs on Chinese goods worth 200 billion dollars if the two sides could not reach an agreement by 0501 GMT on March 2.
Trade tensions between the world's two largest economies have disrupted financial markets since last year and also boosted the dollar's appeal as a safe haven.
The dollar index touched its highest level since Jan. 3, raising the cost of gold denominated in the US currency to holders of other currencies.
The spot price of palladium fell 1.2 percent to $ 1385 an ounce.
Silver fell 0.4 percent to $ 15.76, while platinum fell 1.2 percent to $ 788.50 an ounce.


    Current date/time is Fri 15 Feb 2019, 11:24 pm