Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Gold Edges Higher as Dollar Wallows Near 3-Year Lows

Published 01/23/2018, 03:15 AM
© Reuters.  Gold edges higher

Investing.com - Gold prices edged higher on Tuesday, supported by a weaker U.S. dollar languishing near three-year lows after U.S. lawmakers reached a deal to end a government shutdown.

Comex gold futures were at $1,336.10 a troy ounce by 3:15AM ET (0815GMT), up around $4.00, or 0.3%, from the last session's closing price.

Meanwhile, silver futures tacked on 5.0 cents, or 0.3%, to $17.04 a troy ounce.

The Senate reached a short-term compromise to end a government shutdown that began last week. The stopgap bill approved by the Senate on Monday will keep the U.S. government open through Feb. 8.

The House of Representatives subsequently voted and passed the bill to reopen the government, which Trump then signed into law.

The dollar's index against a basket of six other major currencies was last at 90.30, not far from the three-year trough of 89.96 set last week.

Gold, which is priced in dollars, often trades inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of the precious metal to holders of other currencies.

In other metals action, palladium prices fell 0.4% to $1,088.05 an ounce.

Sister metal platinum meanwhile was little changed at $996.60 an ounce, down from over four-month highs touched in the previous session.

March copper shed 0.4% to $3.187 a pound.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.