Yahoo Finance Gold Prices Gain, Dollar Also Edges Up as Trade War Worries Ease
Investing.com - Gold prices gained while the dollar also edged up on Monday as trade war worries eased somewhat after reports over the weekend said U.S. President Donald Trump and Chinese leader Xi Jinping may meet in November to resolve intensifying trade disputes between the two countries.
Gold Futures for December delivery gained 0.73% to $1,192.8 per troy ounce at 1:50AM ET (05:50 GMT) on the Comex division of the New York Mercantile Exchange.
China and the U.S. announced on Thursday that lower-level trade talks would be held on August 22-23. A nine-member delegation from Beijing will hold meetings with U.S. officials, according to officials from both countries.
The proposed talks came after the Trump administration imposed duties on $34 billion of Chinese goods in July as they accused China of unfair trade practices, adding that they will impose tariffs on a further $16 billion on Aug. 23.
Trump warned earlier that the U.S. may eventually target the entire $500 billion in Chinese exports to the U.S.
Meanwhile, the U.S. Dollar Index, which tracks the greenback against a basket of other currencies, gained 0.1% to 96.1 on Monday. The index climbed to 96.984, its highest since June 2017 on Wednesday when concerns over China’s economic health and Turkish’s lira crisis drove investors to the greenback and other safe-haven assets.
Gold has tumbled over 14% from its April high as a rally in the greenback this year made dollar-priced bullion more expensive for buyers using other currencies, decreasing its demand.
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