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Tuesday, July 5, 2022

Gold Prices Off Lows as Dollar Gives Up Gains

Gold Prices Off Lows as Dollar Gives Up Gains© Reuters.

Investing.com – Gold prices bounced off session lows on Tuesday as the dollar retreated from its highs despite positive economic data pointing to underlying strength in the U.S. economy.

for June delivery on the Comex division of the New York Mercantile Exchange fell by $1.30, or 0.10%, to $1,349.40 a troy ounce.

Demand for safe-haven gold remained subdued in the wake of waning geopolitical tensions and rallying global stock markets. But weakness in the dollar helped the precious metal off its intraday low of $1,340.20.

Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand for the precious metal.

Easing geopolitical jitters come as investors continued to cheer no further signs of U.S. military action in Syria, while U.S. President Donald Trump’s decision to scrap new sanctions against Russia – which were slated for Monday – also helped improve sentiment on riskier assets, denting demand for gold.

In other precious metal trade, rose 0.65% to $16.77 a troy ounce, while rose 0.76% to $938.90 an ounce.

rose 0.50% to $3.10, while continued to add to gains, rising 0.63% to 2,396.50.

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Source: Investing.com

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