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Gold Prices Tick Higher as Dollar Slides
© Reuters. Gold prices tick higher
Investing.com - Gold prices ticked higher on Thursday, as the dollar slumped, boosting the appeal of the yellow metal.
Comex gold futures were up $2.50, or 0.2%, at $1,210.70 a troy ounce by 9:25AM ET (1325GMT).
Meanwhile, spot gold was trading at $1,205.87 per ounce, up $1.80, or 0.2%, after rising 0.5% in the previous session.
The dollar sank to a more than three-month low against its major rivals in part as safe-haven demand for the U.S. currency ebbed amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
On Monday, the U.S. slapped tariffs of 10% on $200 billion in Chinese goods, before they rise to 25% by the end of 2018, rather than an outright 25%.
China retaliated by putting tariffs on $60 billion in U.S. goods. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.65% at 93.50, after sliding to 93.41 earlier, the weakest since June 14.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
In other metals action, silver futures were largely unchanged at $14.28 a troy ounce, after earlier touching two-week highs at $14.38.
Platinum was up 0.6% at $826.90, after hitting its highest since August 10 at $831.00 earlier.
Meanwhile, palladium gained 1% to $1,041.00, having hit a fresh five month high of $1,042.50.
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