Investing.com – Gold prices extended losses on Friday as the dollar strengthened on news that North Korean leader Kim Jong-un pledged to suspend nuclear and missile testing, and that he would arrange a meeting with U.S. president Donald Trump by May.
for April delivery on the Comex division of the New York Mercantile Exchange fell by $3.60, or 0.27%, to $1,318.20 a troy ounce by 12:48am ET. Gold prices are on track to post their third weekly loss.
The dollar regained momentum with the U.S. dollar index breaking 90 on Friday in Asia following news that North Korea’s leader Kim Jong-un may be willing to meet with Trump.
The that tracks the greenback against a basket of currencies gained 0.09% to reach 90.19 after a mid-week plunge caused by Trump’s plan to impose tariffs on steel and aluminum imports. Earlier in the morning in Asia, the dollar index reached this week’s high at 90.27.
The dollar’s momentum was also fuelled by news that Trump pressed ahead with tariffs but offered conditional exemptions for Canada and Mexico, a signal that a full-blown global trade war may be avoided.
Asian stocks also rallied following the development, with Japan’s gaining as much as 2% at one stage and South Korea’s gaining 1.5%.
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
