Gold Prices Gain Amid Uncertainty Over U.S.-China Trade Talks
Investing.com – Gold prices rose on Thursday as uncertainty over the trade talks between the U.S. and China supported gold’s safe-haven demand.
Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $5.5, or 0.4%, to $1,295.1 a troy ounce by 12:50AM ET (04:50 GMT).
Meanwhile, the dollar fell after the latest Federal Reserve meeting hinted at a dovish approach to rate hikes later this year. The Federal Reserve meeting on Wednesday indicated central bankers are happy to let inflation run above the 2% target for a “temporary period”, signaling no rush to tighten monetary policy.
The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 93.84, down 0.07%. On Wednesday night, the greenback climbed above the 94 level for the first time this year, reaching 94.10.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.
In other precious metal trade, silver futures added 0.4% to $16.465 a troy ounce, and platinum futures gained 0.5% to $907.5 an ounce.
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