Investing.com – Gold prices held steady near one-and-a-half week highs on Wednesday, as sustained fears over a potential global trade war continued to weigh heavily on the greenback and to boost demand for safer assets.
Comex were little changed at $1,334.7 a troy ounce by 02:15 a.m. ET (06:15 GMT), just off Tuesday’s one-and-a-half week high of $1,342.00.
Sentiment waned after U.S. President Donald Trump said on Tuesday that he would push ahead with his tariffs on steel and aluminum imports despite from political allies to back down from the measures.
The tariffs, announced last week, have sparked concerns over a potential trade war.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.08% at 89.48, the lowest since February 26.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
Elsewhere on the Comex, slid 0.35% to $16.73 a troy ounce.
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Source: Investing.com
