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Thursday, July 7, 2022

Gold Prices Edge Down as Dollar Steadies

Gold Prices Edge Down as Dollar SteadiesGold prices were trading slightly lower on Tuesday

Investing.com – Gold prices were trading slightly lower on Tuesday as the dollar edged up after a sharp decline in the previous session.

for August delivery on the Comex division of the New York Mercantile Exchangeis was down 0.47% to a trading price of $1,219.8 each troy ounce at 1:10AM ET (05:10 GMT).  

Trade tensions received some residual focus after China’s ambassador to Brazil Li Jinzhang said on Tuesday that the country wants a “” with Brazil in terms of trade in agricultural goods and other products amid an escalation of trade war with the U.S.

The two countries are ready to take their trade relationship “to new levels”, Li said, adding that they should take advantage of the multilateral mechanisms, such as the World Trade Organization to strengthen trade ties between China and Brazil that began “some 200 years ago.”

Meanwhile, the dollar steadied on Tuesday after a sharp decline in the previous session as Trump told CNBC last Friday that he was “” about the Federal Reserve’s decision on raising interest rates. 

The  rose 0.01% to a trading price of $94.43 at 12:01AM ET (04:01 GMT). 

A stronger greenback makes dollar-priced gold more expensive for buyers using other currencies and thus less attractive to investors.

On early Saturday, Treasury Secretary Steve Mnuchin tried to ease fears of a currency war at the G-20 meeting, confirming the Fed’s independence, and saying that the government would not intrude. 

Mitsuo Imaizumi, chief currency strategist at Daiwa Securities, said, “The U.S. economy is in a very healthy state overall. It is unimaginable the Federal Reserve would stop raising interest rates.” 

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Source: Investing.com

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