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Gold prices fell despite a weaker dollar, with continuing trade tensions

2018-08-28 04:48 pm | Resource: News | No Views : 334

Gold prices fell on Tuesday, despite a weaker dollar, as trade tensions between the United States and China continued.

Gold futures on the Comex Stock Exchange for December fell 0.16% to $ 1,214.10 an ounce as of 14:33 GMT.

The United States and Mexico reached a trade agreement on Monday to replace the North American Free Trade Agreement (NAFTA). US Treasury Secretary Steve Menuchin said on Tuesday he believed the United States would also reach an agreement with Canada this week. Canada has been out of negotiations since July. But US President Donald Trump warned that he could still set tariffs on Canadian cars if they refused to approve the new deal.

Despite the trade progress in North America, there is still concern about trade between the United States and China. Officials from the two countries 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 not affected by the weakness of the dollar. The dollar index, which measures the strength of the dollar versus a basket of six major currencies, fell 0.13% to 94.55.

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.

Other precious metal prices vary
  •  With silver futures falling 0.50% to $ 14.785 an ounce.
  • Among other precious metals, Platinum futures fell 0.63% to $ 799.10.
  • While palladium futures fell 0.22% to $ 935.40 an ounce.
  • Copper futures rose 0.70% to $ 2.751 per pound.

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