Gold Prices Lower as U.S. Stock Futures Rise

Investing.com – Gold prices were lower on Monday as gains in U.S. stock futures and a firmer dollar dampened demand for bullion, despite simmering trade tensions between the U.S. and China.

for June delivery on the Comex division of the New York Mercantile Exchange fell $3.20 or 0.24% to $1,333.00 a troy ounce by 04:15 AM ET (08:15 AM GMT).

pointed to a higher open on Wall Street Monday after a deep selloff on Friday, as fears over the prospect of a trade war rattled investors.

Worries that protectionist trade policies might result in a full blown trade war have fueled fears over the impact on the global economy and U.S. growth, but investors are hopeful that negotiations will result in a compromise.

U.S. President Donald Trump said on Twitter on Sunday that China would take down its trade barriers because it was “the right thing to do.”

China said Friday that it was prepared to hit back “forcefully” if the Trump administration followed through on a threat to impose $100 billion in additional tariffs on imports.

Investor sentiment was also boosted by reports that North Korea had told the U.S. for the first time that it was prepared to discuss when their leaders meet.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged up 0.1% to 89.92.

Gold is denominated in the U.S. currency and becomes more expensive for holders of other currencies when the dollar rises.

The dollar showed little reaction following reports of a on a major Syrian air base. Washington denied it had launched any air strikes against the country.

In other precious metal trade, were little changed at $16.355 a troy ounce, while rose 0.51% to $922.20.

Among base metals, were up 0.28% to $3.067 a pound.

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.