Gold prices are falling as trade concerns continue
2018-09-12 11:36 am | Resource: News | No Views : 34
Gold prices traded mixed with a tendency to retreat on Wednesday after hitting a two-week low in the previous session amid a deepening trade dispute between the United States and China.
Investors are preparing for a long trade war between the world's two largest economies after US President Donald Trump said the United States was tough on China.
Meanwhile, China said it would seek permission from the World Trade Organization (WTO) to impose sanctions on the United States next week because of non-compliance with a provision on dumping charges for the United States.
Investors are closely watching business developments after US President Donald Trump on Friday threatened to impose tariffs on nearly all Chinese imports, or about $ 467 billion in goods.
The US-China trade dispute continued to push investors to buy the dollar, leading to a drop in the price of gold, as traders feel that the US has nothing to lose in the trade war.
Gold is usually in the greenback as it is denominated in US currency and is sensitive to dollar movements. Gold becomes more expensive for other currency holders when the dollar rises and falls when it falls.
Gold prices have been stuck at $ 1,200 for the past two weeks as investors turn to the dollar's appeal.
Expectations to raise the Fed's interest rate in September also helped drive the dollar higher. The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.11% to 95.15.
- Spot gold rose 0.1 percent to $ 1,196.59 an ounce, after hitting its lowest level since Aug. 24 at $ 1118.21 on Tuesday.
- Gold futures in the US fell marginally to $ 1,201.90 an ounce.
Most other minerals
- Silver futures rose 0.37% to $ 14.205 an ounce.
- The platinum futures index rose 0.18% to $ 790.80.
- While the palladium futures index dropped 0.18% to $ 960.10 an ounce.
- Copper futures rose 1.43% to $ 2.659 per pound.
Time frame Used - four hours Oil is moving in a sideway direction in the near term Oil is still facing resistance and selling pressure around level of 71.44 forming a negative candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…
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