Gold holds near one-week low as dollar stands firm in the face of escalating trade tension
Metal is hardly changed as greenback basks in the light of supportive data and appears unfazed by intensifying US-China trade dispute
Bengaluru — Gold prices were mostly steady on Thursday, close to a one-week low hit in the previous session, as the dollar held firm amid an intensifying trade war between the US and China. Spot gold was steady at $1,243.10/oz at 3.28am GMT. The metal slipped 1% and hit a more than one-week low at $1,240.89 on Wednesday. US gold futures for August delivery were 0.1% lower at $1,243.60/oz. "The US dollar firmed up across the board and I think that is the main reason," a Sydney-based trader said. "With the softer US equity markets and the ongoing trade war between the US and China you would think it would provide some support for gold but that has not been the case." The dollar steadied near a six-month high against the Japanese yen and held firm against its major peers on Thursday after the latest US economic data reaffirmed the expectation that the Federal Reserve will hike interest rates two more times this year. "The further escalation of trade war is mutually destructive given th...
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