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Gold falls as the dollar rises amid trade concerns

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Gold falls as the dollar rises amid trade concerns Empty Gold falls as the dollar rises amid trade concerns

Post by claud39 on Wed Jul 17, 2019 8:28 am

Gold falls as the dollar rises amid trade concerns


17/07/2019


Gold falls as the dollar rises amid trade concerns 16281

Gold prices fell on Wednesday, as the dollar rallied on strong US retail sales, while precious metal losses were limited by hopes that the Federal Reserve will cut interest rates and in the shadow of a broad blur on trade between Washington and Beijing.

By 0536 GMT, spot gold fell 0.2 percent to $ 1403.81 an ounce.

Gold futures fell 0.3 percent to $ 1406.40 an ounce.


"Yesterday, positive data came from the US, gold has fallen slightly, but we still expect the Federal Reserve to cut interest rates," said Brian Lan, managing director of Gold Silver Central in Singapore.

"The United States and China are not close to any settlement at the moment and many central banks continue to buy gold, especially China," he said.


However, the demand for the yellow metal was negatively affected as the dollar gained after data showed US retail sales rose more-than-expected in June, adding to recent signs that the economy is improving.

But the data barely affected market speculation that the US central bank will cut interest rates this month.

For other precious metals, silver rose 0.3 percent to $ 15.60 an ounce, and prices were close to a four-month high of $ 15.69 hit in the previous session.

Platinum gained 0.1 percent to $ 839.08 an ounce, while palladium fell 0.1 percent to $ 1523.11 an ounce

claud39
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