Gold loses ground as expectation of another rate hike lifts the dollar
Bengaluru — Gold prices fell on Thursday, after hitting their highest in more than a week in the previous session, as concern about another round of US tariffs on China and the expectation of higher interest rates lifted the dollar. Spot gold was down 0.4% at $1,191.18/oz at 2.44am GMT. Prices failed to hold the psychological level of $1,200, after hitting $1,201.51, their highest since August 13, in the previous session. US gold futures were down 0.3% at $1,200/oz. "People are worried about the fresh round of US tariffs on China and are buying the dollar, which is seen as a safe haven now," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. US and Chinese officials met for the first time in more than two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due to go into effect on Thursday. "The fear of rate hikes is also pressuring gold. Despite Donald Trump’s r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.