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Gold Rises on Weaker Dollar, Trade Tensions
Published Aug 27, 2018 10:32AM ET
© Reuters. Gold was higher on Monday.
Investing.com - Gold prices were higher on Monday, as a weaker U.S. dollar and trade tensions boosted the precious metal.
Comex gold futures for December delivery rose 0.44% to a one-week high of $1,218.60 a troy ounce as of 10:30 AM ET (14:30 GMT).
U.S. and Mexican officials are meeting in Washington to discuss the North American Free Trade Agreement (NAFTA). The two sides are "hours" away from reaching a deal, Mexican Economy Minister Ildefonso Guajardo told reporters. A deal with Mexico would open up discussions with Canada. All three governments are working to reachnew NAFTA terms by the end of August.
U.S. President Donald Trump is expected to make an announcement regarding trade at 11:00 AM ET (15:00 GMT).
Meanwhile, officials from China and the U.S. are expected to meet later this month to resume trade negotiations, after the last round of trade talks ended with little progress. The U.S. imposed tariffs on $16 billion of Chinese goods on Aug. 24, with China issuing reciprocal tariffs and threatening to file a complaint with the World Trade Organization.
The price of gold was also bolstered by a softer greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, slumped 0.29% to 94.80.
Gold 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.
Other metals were mixed on the Comex, with silver futures up 0.41% to $14.855 a troy ounce. Among other precious metals, platinum futures rose 1.74% to $803.10, while palladium increased 1.75% to $935.30 an ounce. Copper futures surged 0.62% to $2.740 a pound.
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