Gold climbs to one-week high on frazzled dollar
Metal gains as the greenback weakens after US President Donald Trump criticised the Federal Reserve for raising interest rates
London — Gold rose to a one-week high on Tuesday as the dollar weakened after US President Donald Trump criticised the Federal Reserve for raising interest rates. A weaker dollar generally boosts the price of dollar-denominated gold. Spot gold was 0.2% higher at $1,192.80/oz by 12.11pm GMT, after touching $1,196.27 earlier, the highest level since August 14. The precious metal was gaining for the third consecutive session. US gold futures climbed 0.4% to $1,199.60/oz. "Trump’s noises are helping gold demand at the margins but the root of that is largely through the dollar easing," said ETF Securities analyst Nitesh Shah. Trump also said in the interview with Reuters that the US central bank should do more to help him to boost the economy. Trump made his first departure from a tradition of American presidents rarely criticising the Fed in July when he condemned the US central bank’s monetary policy tightening. Although Trump’s comments helped gold rise, Julius Baer analyst Carsten Me...
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