Gold inches up, as currency markets shrug off Trump’s ‘strong dollar’ comment
Bengaluru — Gold prices edged up on Friday, after falling from one-and-a-half-year highs in the previous session, as the dollar remained weak despite US President Donald Trump backing a stronger currency. Spot gold rose 0.3% to $1,351.40 an ounce at 3.33am GMT. The metal has gained 1.5% so far this week. Spot gold hit 1,366.07 on Thursday, its highest since August 3 2016, but reversed gains after Trump told CNBC in Davos, Switzerland, that he wants to see a strong dollar. US gold futures were down 0.9% at $1,351.10 an ounce on Friday. Trump’s comment on Thursday contradicted comments made by Treasury Secretary Steven Mnuchin a day earlier. The dollar weakness was continuing to support gold prices, helping to hold them steady despite Trump’s comments, said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "There is some very good support for gold on the downside around $1,340 and a resistance around $1,360," he said. The dollar index, a measure of the greenback a...
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