Gold steadies despite recovering dollar after Rex Tillerson’s dismissal
London — Gold prices steadied on Wednesday, supported by safe-haven buying after the sudden dismissal US secretary of state Rex Tillerson but pressured by a recovering dollar. The US dollar inched higher against major currencies after edging lower following the dismissal of Tillerson. A stronger dollar makes commodities it is priced in more expensive for holders of other currencies. Spot gold was flat at $1,325.97 per ounce at 11.16am GMT. It touched $1,330.02 an ounce during the session, its highest since March 7. US gold futures for April delivery fell 0.1% to $1,326.30/oz. "Currently gold is caught between these negative impacts and sometimes positive impacts are coming from a weaker stock market, US policy and also the frequent shift between risk-on and risk-off by investors," said Quantitative Commodity Research analyst Peter Fertig. Gold is seen as a safe haven during times of political and financial uncertainty, and benefited on Tuesday when US President Donald Trump fired Ti...
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