Gold holds near two-week low as dollar saps its strength
Signs of easing US-China tensions dent demand for bullion
Bengaluru — Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing China-US friction dented demand for bullion ahead of the minutes from the US Federal Reserve’s latest meeting. Spot gold edged down 0.1% to $1,274.10/oz at 4.43am GMT. In the previous session, the metal fell to $1,268.97, its lowest level since May 3. US gold futures were unchanged at $1,273.70/oz. The dollar hovered near a four-week high supported by higher US yields, which rose overnight after the US eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies. “A stronger dollar and Washington’s extension to Huawei for three months has put the knife into gold,” Oanda analyst Jeffrey Halley said. On Monday, the US commerce department granted Huawei a licence to buy US goods until August 19, a move intended to give telecom operators that rely on Huawei enough time to make alternative arrangements. “The market has been tipping it as an easing...
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