Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Prices Gain As G7 Summit Left In Disarray Ahead Of Trump-Kim Meeting

Published 06/11/2018, 01:22 AM
Updated 06/11/2018, 01:22 AM
Gold prices were up on Monday

Gold prices were up on Monday

Investing.com – Gold prices were up on Monday as the dollar softened after U.S. President Donald Trump decided to back out of the G7 Summit joint communique, ahead of his historic meeting with North Korean leader Kim Jong Un and the central bank’s policy meeting this week.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange was up 0.03, or 0.05%, to $1,303.2 a troy ounce by 1:05AM ET (05:05 GMT).

Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of six major currencies, lost 0.09% to 93.47.

The dollar took a dip after Trump left early at the Group of Seven (G7) Summit held in Canada over the weekend. He later tweeted that he was backing out of the joint communique and lashed out against Canadian Prime Minister Justin Trudeau.

“PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a news conference after I left saying that, 'US Tariffs were kind of insulting' and he 'will not be pushed around.' Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!" Trump tweeted Saturday evening.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

Trump has now arrived in Singapore on Sunday where he’s scheduled to meet North Korean leader Kim Jong Un.

Meanwhile, the Fed is expected to raise the interest rate for the second time this year at Wednesday’s meeting.

In other precious metal trade, silver futures gained 1.0% to $16.9 a troy ounce, and platinum futures climbed 0.3% to $910.50 an ounce.

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.