24.6 C
New York
Saturday, July 2, 2022

Gold Prices Slip as Dollar Rebounds Following Plunge on Wall Street

Gold Prices Slip as Dollar Rebounds Following Plunge on Wall Street© Reuters.

Investing.com – Gold prices slipped on Wednesday in Asia as the dollar rebounded following a plunge on the Wall Street overnight.

for February delivery on the Comex division of the New York Mercantile Exchange traded 0.5% lower at $1,240.20 a troy ounce by 1:24 AM ET (05:24 GMT). 

The that tracks the greenback against a basket of other currencies edged up 0.2% to 97.072. The safe-haven dollar gained after U.S. stocks slumped over 3% overnight.

The plunge in U.S. stocks came after top White House economic adviser Larry Kudlow backtracked from U.S. president Donald Trump’s announcement that Beijing had agreed to reduce tariffs on U.S.-made cars.

“It hasn’t been signed and sealed and delivered yet,” Kudlow said on Fox News Tuesday.

The dollar lost its upward momentum on dovish signals from the Fed, which indicated that rate hikes from 2019 would have to be re-evaluated on economic and inflation data vs previous assertions of a more hawkish policy.

Gold prices remained near-five-month highs as the greenback struggled in recent weeks, as traders suspect the Federal Reserve will pause its rate hike plan after a fourth Federal Reserve rate increase this month.

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