Gold Prices Holds Steady Near 2-Week Lows
Investing.com - Gold prices were hovering near 2-week lows on Friday, but losses could be limited as fresh U.S. political woes weighed on the dollar and as fears of potential trade wars lingered.
Comex gold futures were little changed at $1,317.9 a troy ounce by 03:20 a.m. ET (07:20 GMT), just off a two-week trough of $1,313.7.
The greenback weakened after the Washington Post reported on Thursday that U.S. President Donald Trump has decided to replace his national security adviser, H.R. McMaster.
Markets were already jittery following the President's decision on Tuesday to fire Secretary of State Rex Tillerson.
Adding to concerns over U.S. politics, fears of potential trade wars were reignited after Donald Trump announced plans this week to impose tariffs on up to $60 billion of Chinese imports, specifically targeting the technology and telecommunications sectors.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.14% at 90.01, off a one-week high of 90.17 hit overnight.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
Elsewhere on the Comex, silver futures were almost unchanged at $16.43 a troy ounce.
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