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Gold is heading for a positive weekly close as the dollar weakens

2018-09-21 09:53 am | Resource: News | No Views : 207



Precious metal traded above $ 1200 / ounce levels. Most of the week and looks forward to moving forward against the background of the weakness of the US dollar during the last weekly trading. Where gold prices rose on Friday and is expected to record its first weekly gain in four,

Yesterday, spot international gold prices rose 0.36 percent to close at 1206.8 Gold prices fell by 0.009 percent over the same time frame. On Thursday, the dollar fell 0.7 percent, leading to higher gold prices.

Meanwhile, Donald Trump announced that the 10 per cent tariff on Chinese imports of $ 200 billion would be imposed next week. China added a 60-billion-dollar tariff package on US imports.

Markets have been eased because they felt that the tariffs applied by both countries were lower than originally expected and thus led to a weaker dollar. Since its April 18 high, gold prices have fallen almost 10% due to growing concerns about the trade war and investors towards the dollar as a safe haven instead of choosing the traditional gold haven.

Markets now expect the Federal Reserve to raise interest rates by a quarter point, while futures prices in the fund will increase at the end of the year by more than 80% probability.
  • The dollar index, which measures the greenback against a basket of six major currencies, rose 0.04% to 93.51.
  • Gold futures for December delivery in the Comex section of the New York Mercantile Exchange rose 0.2% to $ 1,214.00 an ounce.


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