Investing.com - Gold prices were at a one-week high on Wednesday as the U.S. dollar weakened.
Comex gold futures for August delivery increased 0.36% to $1,258.00 a troy ounce as of 9:55 AM ET (13:55 GMT).
Trading volumes are expected to remain thin throughout the day, as U.S. investors celebrate Independence Day.
Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched up 0.04% to 94.36.
Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.
Trade tensions continued to linger, with the U.S. expected to impose tariffs on $34 billion in Chinese goods on Friday. China has announced it will retality with its own duties on U.S. products.
Traders often turn to gold in times of political uncertainty, as the precious metal is often considered a safe haven from the impact of geopolitics but gold has struggled amid the latest political risks.
Investors are also looking ahead to June meeting minutes from the Federal Reserve on Thursday and non-farm payrolls data on Friday. Traders will pay close attention for cluese of potential rate hike increases.
Elsewhere on the Comex, silver futures were up 0.45% to $16.115 a troy ounce. Among other precious metals, Platinum Futures fell 0.84% to $839.20 while Palladium Futures increased 0.38% to $941.60 an ounce. Copper futures lost 1.78% to $2.865 a pound.
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