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Gold prices slightly lower on Tuesday amid trade war developments

2019-08-20 09:44 am | Resource: News | No Views : 34

 Gold prices slightly lower on Tuesday amid trade war developments

Gold futures fell marginally as the dollar stabilized as investors digested developments in trade talks and the Fed's comments on the US economy.

In other news, the German Center for European Economic Research (ZEW) said on Tuesday that its latest survey showed that the outlook for the Chinese economy has worsened amid its trade tensions with the United States. The index of China's economy, reflecting the country's macroeconomic development next year, stood at 4.9 points in August, down 4.8 points from July's 0.1.

 US stocks are higher in pre-market trading

US stocks rose in pre-market trading on Tuesday after President Donald Trump administration officials played down concerns about a recession after the main yield curve flipped briefly last week. White House chief economic adviser Larry Kudlow said the recession was not "at all", while White House presidential adviser Killian Conway insisted the fundamentals of the US economy were "very strong."

Boston Fed Chairman Eric Rosengren continued to oppose further interest rate cuts by the central bank, because he is not convinced that a slowdown in trade and global growth will weigh heavily on the US economy. Investors also focused on the latest developments in the US-China trade dispute, with Washington postponing the ban on Huawei for another 90 days, while the Chinese technology giant accused the United States of "unfair treatment" and asked to be removed from the US trade blacklist.
  • The Dow rose 0.10% before 10:30 am CET.
  • The Nasdaq 100 rose 0.22% at 10:31 am CET.
  • The S&P 500 rose 0.12% at the same time.

The dollar index, which tracks the performance of the greenback versus a basket of six currencies, was steady at 98.39 points. The euro fell 0.03% against the dollar to sell against 1.10754 at 10:30 am CET.

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