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Gold rises due to Middle East tensions

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Gold rises due to Middle East tensions Empty Gold rises due to Middle East tensions

Post by RamblerNash on Wed Jul 24, 2019 11:01 pm

Gold rises due to Middle East tensions

Gold rises due to Middle East tensions Story_img_5d3811f5bf145

2019/7/24 11:08

The price of gold rose on Wednesday as tensions rose in the Middle East prompting investors to buy a safe haven metal, but gains were limited by the dollar's rise and potential progress in China-US trade negotiations.

Spot gold rose 0.3 percent to $ 1420.70 an ounce by 0555 GMT, after hitting its lowest level since July 17 at $ 1413.80 in the previous session.

The price of gold settled in futures trading in the United States at 1420.80 dollars an ounce.

"We have geopolitical tensions in Iran," said Margaret Yang Yan, market analyst at CMC Markets. "We remain very cautious and suspicious about the (US-China) trade negotiations, which are expected to start on Monday because many things have not been resolved between the two countries."

"On the other hand, the dollar index is rising, which negatively affects the price of gold."

The dollar index, which measures the performance of the greenback against a basket of rival currencies, strengthened its gains to a five-week high, increasing the cost of gold to holders of other currencies.

Among other precious metals, spot silver rose 0.5 percent to $ 16.48 an ounce.

Platinum gained 0.6 percent to $ 859 an ounce, while palladium dropped 0.3 percent to $ 1,523


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