Gold reaches 6-month minimum on strengthening greenback

Gold reaches 6-month minimum on strengthening greenback

On Tuesday, gold kept diving for a second session in a raw in early morning trade, reaching a six-month minimum because the evergreen buck leapt and fears of escalating trade clashes didn’t back the safe haven precious commodity.

August delivery gold futures went down 0.8% on the Comex exchange being worth $1,258.90 a troy ounce. It was close to an intraday minimum of $1,257.70, which is its lowest value since December 18.

Meanwhile, the USD index, gauging the greenback’s value versus six main currencies, jumped by 0.32% demonstrating a reading of 94.25, rebounding from an overnight minimum of 93.84 that turned out to be the weakest value since June 14.

A stronger evergreen buck makes gold denominated in this currency less affordable for those who keep foreign currencies.

Gold generally neglected investors’ worries on Monday when the US Treasury Department was ordered to prevent businesses with at least 25% Chinese ownership from purchasing American tech companies.

Driving the tensions, Liu He, Chinese Vice Premier and simultaneously President Xi Jinping’s major economic adviser, told that China is ready to withstand American tariff threats.

In spite of the fact, gold is generally considered to be a safe haven asset in times of economic and political uncertainty, the most popular precious commodity was unable to conclude Monday’s trading session up.  

On Tuesday, financial markets seemed to have regained some composure with some media pointing to statements by White House trade adviser Peter Navarro. This official tried to relieve investor worries as for American trade policy.

As for other metals, silver futures edged down by 0.8% coming up with $16.205 a troy ounce.

In addition to this, palladium futures went down by 0.8% being worth $928.30 an ounce. Platinum headed south by 0.9% showing $863.40.

As for base metals, copper dived 0.1% hitting $3.008 a pound.


Silver: pushed by Reddit
Silver: pushed by Reddit

During the recent days, silver made a spectacular rise to $30. Not only gold shines, it seems! It's all still an echo of Reddit, though...

Latest news

Will USD Stop Falling Today? Market Wrap
Will USD Stop Falling Today? Market Wrap

The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong. 

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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