Gold ries to 2-week high as greenback weakens
- FX Market
- 8 months ago
Gold prices reached their highest point as the greenback lost some of its muscle due to high hopes of a deal being struck between Washington and Beijing and the U.S. Federal Reserve looking likely pause its cycle of interest rate hikes.
For 2019 so far spot gold has increased by 3.3%.
Spot gold rose by 0.3% to $1,324.80 per ounce while futures rose by 0.4% to $1,327.80 per ounce.
The dollar was marginally weaker on Monday, as increasing expectations of a U.S.-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 United States and China will resume trade talks this week in Washington with time running short to ease their bruising trade war.
However, U.S. President Donald Trump stated last Friday that he may extend a March 1 deadline for a deal and keep tariffs on Chinese goods from rising.
Source: Smart Trend Team