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Dollar weakness and trade tensions strengthen precious metal

2018-08-27 06:38 pm | Resource: News | No Views : 1399


Gold futures for December delivery rose 0.44% to a one-week high of $ 1218.60 an ounce by 14:30 GMT.

US and Mexican officials meet in Washington to discuss the North American Free Trade Agreement (NAFTA). Mexican Economy Minister Didifonso Guagardo told reporters the two sides were "hours away" from reaching an agreement. Deal with Mexico will open discussions with Canada. All three governments are working to reach the terms of the North American Free Trade Agreement by the end of August.

US President Donald Trump is expected to announce trade at 15:00 GMT.

Meanwhile, officials from China and the United States are expected to meet later this month to resume trade negotiations after the last round of trade talks ends with little progress. The United States imposed a tariff on 16 billion dollars of Chinese goods on August 24, as China issued a reciprocal tariff and threatened to file a complaint with the World Trade Organization.

    The price of gold was also supported by the most flexible US dollar. The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell 0.29% to 94.80.

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.

Movements of precious metals
  •     With silver futures rising 0.41% to $ 14.855 an ounce.
  •     Among other precious metals, platinum futures rose 1.74% to $ 803.10
  •     While palladium rose 1.75% to $ 935.30 an ounce.
  •     Copper futures rose 0.62% to $ 2.740 per pound.

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