⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Gold Prices Rise amid Trade, Brexit Risk

Published 11/16/2018, 04:56 AM
Updated 11/16/2018, 05:04 AM
© Reuters.
XAU/USD
-
DX
-
GC
-

Investing.com - Gold prices were higher on Friday as investors moved to risk-averse assets amid Brexit turmoil and trade war concerns.

Comex gold futures for December delivery increased 1.43% to $1,216.30 a troy ounce as of 5:04 AM ET (10:04 GMT).

Uncertainty over Prime Minister Theresa May’s proposed Brexit deal lingered after Brexit minister Dominic Raab resigned on Thursday.

Raab said he could not support the prime minister’s support terms of the the draft.

Meanwhile traders are also keeping an eye on trade war developments between the U.S. and China. A White House official told Reuters on Thursday that China’s written response to U.S. demands for trade reform are unlikely to lead to a deal in talks between U.S. President Donald Trump and Chinese President Xi Jinping at the G20 summit later this month.

Still, tariffs on $200 billion of Chinese goods is set to increase to 25% from 10% on Jan. 1.

A flat dollar also helped lift sentiment for the precious metal.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched up 0.03% to 96.82.

The precious metal usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

Latest comments

Loading next article…
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.