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Thursday, July 7, 2022

Gold Prices Flat as U.S.-Sino Trade Worries Intensify

Gold Prices Flat as U.S.-Sino Trade Worries Intensify© Reuters.

Investing.com – Gold prices were flat on Thursday the arrest of a top Huawei executive sparked worries that it could reignite the U.S.-Sino trade dispute.

Comex for February delivery inched up 0.04% to $1,243.05 a troy ounce as of 8:52 AM ET (13:52 GMT).

Market sentiment was on edge after Meng Wanzhou, the chief financial officer at the Chinese smartphone company Huawei on an an extradition request by the U.S. The U.S. has been investigating whether or not she violated sanctions against Iran.

The news could put the most recent call for a trade truce between the U.S. and China in jeopardy.

Meanwhile disappointing pushed the U.S. dollar lower, which helped boost some demand for gold.

rose more than expected, while the ADP (NASDAQ:ADP) was less than predicted.

The , which measures the greenback’s strength against a basket of six major currencies, fell 0.15% to 96.86.

The precious metal usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

Other metals were lower on the Comex, with falling 0.95% to $14.44 a troy ounce. Among other precious metals, decreased 1.26% to $791.80 while fell 1.37% to $1,167.90 an ounce. futures was down 1.80% to $2.724 a pound.

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Source: Investing.com

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