Bengaluru — Gold prices rose to their strongest level in more than two weeks on Monday as the dollar weakened on the hope the US and China are nearing a trade deal, while palladium hit a record high. Spot gold had gained 0.3% to $1,324.80/oz by 3.24am GMT, just below a nine-month peak of $1,326.30/oz marked on January 31. US gold futures rose 0.4% to $1,327.8/oz. “Alleviation of risks around the trade talks has certainly benefited the markets,” said ANZ analyst Daniel Hynes, adding that signs of progress in the discussions had reduced appetite for the dollar, which has been supporting gold. The dollar was marginally weaker on Monday, as increasing expectations of a US-China trade deal led investors to shift away from the safety of the greenback, which had been the preferred safe-haven during the trade dispute. The US and China will resume trade talks this week in Washington with time running short to ease their bruising trade war, but US President Donald Trump repeated on Friday 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.