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Gold Prices Drop Despite Softer Dollar

Published 06/06/2018, 12:04 AM
© Reuters. Gold prices were trading lower on Wednesday despite the dollar dropped to below the 94 level.
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Investing.com – Gold prices were trading lower on Wednesday despite the dollar dropped to below the 94 level.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange were down $1.00 or 0.08%, to $1,301.20 a troy ounce by 11:20PM ET (03:20 GMT).

Concerns about a global trade war also eased, as U.S. Treasury Secretary Steven Mnuchin said he's been attempting to secure an exemption for Canada from the US' recent steel and aluminum tariffs, which market participants are taking as a sign that key personnel in the Trump administration are beginning to balk at protectionist measures.

Yesterday, gold prices fell about 0.2%, the third daily loss, due to weak demand for safe havens assets, as risk appetite increased in the financial markets.

Meanwhile, the U.S. dollar index that tracks the greenback against a basket of six major currencies shed 0.05% to 93.80.

The dollar rallied earlier in the day due to the strong prospects for the Federal Reserve to raise U.S. interest rates at next week’s meeting.

In other precious metal trade, silver futures shed 0.08% to $16.530 a troy ounce, platinum futures lost 0.04% to $901.50 an ounce and copper lost 0.53% to $3.196.

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