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On Thursday, gold stood still against the backdrop of news of probable US-China trade negotiations, although the yellow metal was held down by a firmer evergreen buck.
December delivery gold futures rallied by 0.07% being worth $1,211.70 a troy ounce.
America is proposing another round of trade negotiations with China in an attempt to avert fresh levies.
American leader has threatened to slap duties on nearly all China’s goods, or approximately $467 billion in products, while China wants to ask the WTO for the official permission to slap sanctions on its trade partner at a gathering next week.
A long-lasting trade feud between China and American kept driving market participants to purchase the evergreen buck, thus suppressing the yellow metal because investors feel that America has less to lose in this trade conflict. Gold has been stuck in the $1,200 band for the last two weeks because traders shift to the safe-haven appeal of the US currency.
As a rule, the yellow commodity inches down each time the American dollar jumps because it’s simply denominated in this currency, therefore, it can’t neglect any changes in the value of the evergreen buck. The yellow metal becomes more costly for those who keep other currencies when the evergreen buck tacks on, and accordingly more affordable when it dives.
Market participants are also awaiting consumer prices data a bit later in the day for further clues on the key US bank’s monetary policy. The given data is expected to show up just a day after a sudden sink in producer prices. However, the Federal Reserve is generally anticipated to have rates raised already this month.
Estimating the greenback’s purchasing power against a pack of its primary counterparts the USD index inched up by 0.12% trading at 94.93.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
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…
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