Gold is up as the dollar slips against the yen amid trade jitter
Asian physical demand supports gold prices as does the dollar slipping off two-week highs this week
London — Gold steadied on Friday as the dollar slipped against a currency basket despite fears over looming China-US trade tariffs, and as investors turned their attention to US payrolls data due later. The public consultation period for proposed US tariffs on an additional $200bn worth of Chinese imports ended at 4am GMT on Friday. Tariffs could go into effect at any moment, though there is no clear timetable. The dollar has gained considerably from global trade tensions but slipped off two-week highs this week, helping gold stabilise. A weaker dollar makes dollar-priced gold cheaper for non-US investors. "I’m struggling to [see] how the dollar could extend gains from here. Other central banks are becoming hawkish, the pound could come back up and the euro, once the European Central Bank (ECB) starts tightening. Gold is due for a rally," said Fawad Razaqzada, analyst at FOREX.com. Spot gold edged up 0.1% to $1,201.04 as of 10.20am GMT, after it hit a near one-week high on Thursday ...
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