Investing.com – Gold prices held steady on Thursday, hovering close to one-week highs as the previous session’s mixed U.S. data and political turmoil in Washington continued to pressure the dollar and support safe-haven demand.
Comex were little changed at $1,325.9 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off the previous session’s one-week peak of $1,330.5.
Sentiment on the greenback remained vulnerable after the U.S. Commerce Department reported on Wednesday that retail sales fell in February, compared to expectations for a 0.3% rise.
However, a separate report showed that U.S. producer prices rose in February, beating forecasts for an uptick of 0.1%.
Market participants were now looking ahead to U.S. manufacturing activity data in the and areas, as well as the weekly report on U.S. jobless claims for further indications on the strength of the economy.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 89.73.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
Meanwhile, markets were still jittery after U.S. President Donald Trump on Tuesday , considered more moderate in his administration. Tillerson will be replaced by CIA Director Mike Pompeo.
Fears of a potential global trade war were also reignited after Trump announced plans to on up to $60 billion of Chinese imports, specifically targeting the technology and telecommunications sectors.
Elsewhere on the Comex, were almost unchanged at $16.54 a troy ounce.
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Source: Investing.com
