Gold edges up on diving greenback

Gold edges up on diving greenback

On Monday, gold managed to rally because the evergreen buck sank, while trade worries between China and America backed the precious commodity too.

August delivery gold futures rallied by 0.2% on the Comex exchange being worth $1,273.60 a troy ounce.

America is about to declare China’s investment in American technologies companies a real threat to economic as well as national security. It follows from reports uncovered on Monday that cited eight folks already familiar with those ambitious plans. 

In addition to this, the reports stressed that American Treasury Secretary Steven Mnuchin would propose to administer the law in a report expected to be published on June 29.  

On Friday, American leader Donald Trump threatened to impose a 20% duty on all American imports of European Union-assembled vehicles, boosting trade tensions with the European bloc.

Certainly, the European Union came up with a response. As a matter of fact, a senior European Commission official told that the European Union would adequately respond to any American move to have duties on vehicles produced in the EU lifted.

At the same time the USD Index, which normally gauges the evergreen buck versus a bunch of six key currencies, went down in morning trade, hitting 94.4960. It’s apparent that the USD has been going up since April, although the looming trade conflict is starting to generate jitters on the market.  

That’s a common occurrence greenback-denominated assets, including gold happened to be sensitive to any changes in the evergreen buck. Therefore, a dive in the US currency normally makes gold less costly for those investors who hold foreign currencies, therefore spurring demand for the number one precious metal. 

As for other precious metals, silver futures went down by 0.54% demonstrating an outcome of $16.370 a troy ounce. Additionally, platinum futures rallied by about 0.35% showing $878.10 an ounce.   

 

Similar

Gold inches up

On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…

Gold goes down

On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…

Gold rallies to 3-month maximums

On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera