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

Gold trades at session highs despite dollar recovery

Published 04/13/2017, 01:40 PM
Updated 04/13/2017, 01:43 PM
© Reuters.  Gold is on track for its best week since June

© Reuters. Gold is on track for its best week since June

Investing.com - Gold prices traded higher on Thursday, as investors continued to back the precious metal amid geopolitical concerns while mostly upbeat economic data failed to weigh on sentiment.

Gold for June delivery on the Comex division of the New York Mercantile Exchange added $10.05, or 0.78%, to $1,288.15 a troy ounce by 13:39 EDT. Gold is on track for its best week since June.

Gold prices shrugged off upbeat economic data as investors continued to pour into safe haven assets such as gold amid concerns geopolitical tensions could escalate, as a U.S. carrier group sailed towards the Korean Peninsula.

The Labor Department said on Thursday, initial jobless claims fell by 1,000 to a 234,000 for the week ended April 8 while the producer price index for final demand slipped 0.1% last month.

The University of Michigan said its consumer sentiment index climbed to 98.0 in April, well above expectations of a fall to 96.5.

A sharp recovery in the dollar failed to weigh on gold prices as geopolitical tensions remained front and center.

Dollar-denominated gold is sensitive to moves in the dollar – A rise in the dollar makes dollar-denominated assets such as gold, more expensive for holders of foreign currency and thus, reduces demand.

U.S. – Russia relations have strained over the past few days, as U.S. Secretary of State Rex Tillerson received an icy reception on arrival at Moscow on Wednesday, after the U.S. launched an airstrike on a Syrian airbase.

U.S. President Donald Trump said Wednesday, the U.S. is “not getting along” with Russia and relations are at an “all-time low”.

Silver futures added 1.14% to $18.508, a troy ounce while copper gained 0.94% to trade at $2.569.

Platinum notched 0.78% to trade at $975.40 while Natural Gas rose by 0.72% to $3.210.

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.