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Wednesday, May 25, 2022

Gold Prices Edge Up; Dollar Trades Sideways

Gold Prices Edge Up; Dollar Trades Sideways© Reuters. Gold prices edge up on Thursday

Investing.com – Gold prices edged up on Thursday while the dollar traded sideways.

for June delivery on the Comex division of the New York Mercantile Exchange was up $1.6, or 0.12%, to $1,351.5 a troy ounce by 12:40AM ET (04:40 GMT).

Meanwhile, the that tracks the greenback against a basket of six major currencies last stood at 92.93, up 0.01%. The greenback reached this year’s new high on Wednesday at 93.22.

On Tuesday, U.S President Donald Trump said the U.S. will back out from the Iran nuclear deal, putting oil supply in uncertainty as Iran will face sanctions again.

Asian stocks climbed on Thursday following a positive session on Wall Street, with energy shares leading the gain after U.S. President Donald Trump’s decision to pull out from the Iran nuclear deal. Crude oil prices reached 3-1/2 year highs following the news as investors bet the development would intensify tension in the Middle East and curtail oil supply, while an unexpected drop in stockpiles were also cited as tailwind for the West Texas oil.

In other precious metal trade, added 0.2% to $16.570 a troy ounce, and gained 0.3% to $917.8 an ounce.

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Source: Investing.com

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