Gold prices rise as easing trade tension weighs on dollar
The metal is headed for its first weekly gain in about a month
Bengaluru — Gold prices edged up on Friday to a one-week high as the dollar weakened on receding fears of a full-blown China-US trade war, keeping the metal on track for its first weekly gain in four. Spot gold added 0.1% to $1,208.0 by 2.52am GMT, after touching its highest since September 13 at $1,210.01. It has risen 1.3% so far this week. US gold futures were up 0.1% at $1,212.70 an ounce. "Higher gold prices are due to the fact that China-US trade tensions have somewhat dissipated," OCBC analyst Barnabas Gan said. "Right now we have to tread very carefully on gold as any uptick in trade tension is bearish. US tariffs should actually improve trade balance in the US and should give more strength to the dollar and push gold prices down." New US and Chinese tariffs on each other’s goods were set at lower rates this week than previously expected, raising hope that hostilities between the world’s two largest economies may be easing. Investors have been buying the dollar believing tha...
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.