11.8 C
New York
Wednesday, May 25, 2022

Gold Prices Hit 6-Month Low as Dollar Strengthens, Trade Worries Fail to Support

Gold Prices Hit 6-Month Low as Dollar Strengthens, Trade Worries Fail to Support© Reuters. Gold falls as rising dollar adds downward pressure

Investing.com – Gold prices headed lower for a second consecutive session in early morning trade on Tuesday, hitting a six-month low, as the dollar moved higher and fears of did little to support the safe haven precious metal.

At 6:11AM ET (10:11GMT), for August delivery on the Comex division of the New York Mercantile Exchange fell $10.00, or 0.8%, to $1,258.90 a troy ounce. That was close to an intraday low of $1,257.70, its lowest level since December 18.

Meanwhile, the , which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.32% to 94.25, of 93.84, which was the weakest level since June 14.

A stronger greenback makes the dollar-denominated metal more expensive for holders of foreign currencies.

Gold failed to react to the upside to concerns on Monday that the U.S. Treasury Department was said to be drafting curbs to stop companies with at least 25% Chinese ownership from buying U.S. tech firms.

Escalating the tensions, Chinese Vice Premier Liu He, who is also President Xi Jinping’s top economic adviser, said .

Although in times of political and economic uncertainty, the precious metal was unable to close Monday’s session with gains.

Financial markets seemed to regain some composure on Tuesday with some media pointing to who attempted to ease investor concerns about U.S. trade policy.

On Tuesday’s economic calendar, the focus will be on the Conference Board’s publication of for June which is expected to tick down slightly from the prior 128.0 to 127.6.

In other metals trading, fell 0.8% at $16.205 a troy ounce by At 6:13AM ET (10:13GMT).

lost 0.8% to $928.30 an ounce, while sister metal slid 0.9% at $863.40.

In base metals, slipped 0.1% to $3.008 a pound.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles