Gold Prices Tick Higher as Dollar Slips; Eyes on Talks with North Korea

Investing.com – Gold prices moved higher on Thursday, supported by weakness in the dollar and concerns over the eventual U.S.-North Korea summit.

Comex gained $1.30, or around 0.1%, at $1,354.80 a troy ounce by 4:18AM ET (8:18GMT), while the , which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.03% to 89.32.

A stronger greenback makes the dollar-denominated metal more expensive for holders of other currencies.

Geopolitical developments were in focus as U.S. President Trump said the plan for the summit between the U.S. and North Korea leader Kim Jong Un might not happen if he did not think it would produce meaningful results.

On Thursday’s economic calendar, focus will be on released at 8:30AM ET (12:30GMT) a day after the Federal Reserve’s Beige Book showed that tightness in the labor market

Released at the same time, economists forecast a slight drop in the .

Speeches by at 8.00 a.m. ET, at 09.30 a.m. and at 6.45 p.m ET.

The Fed speeches are likely to be closely monitored after St. Federal Reserve James Bullard counterpart warned that the yield curve could invert– a key predictor of a recession – within six months.

Traders are currently pricing in around a 97% chance of a rate hike in June, according to Investing.com’s . Odds of a third rate hike by December was seen at about 89%.

Gold seems to have taken the expectations in stride although increasing rates generally put pressure on the precious metal, which does not pay interest, as it struggles to compete with yield-bearing assets.

In other metals action, were up 1.2 cents, or 0.1%, at $17.260 a troy ounce by 4:19AM ET (8:19GMT).

gained 1.0% to $1,044.90 an ounce. Sister metal meanwhile rose 0.8% at $953.50.

surged 6.4% to $16,262.50 a metric ton as reports that hat Russian mining firm Norilsk Nickel could be caught up in U.S. sanctions against Moscow.

Meanwhile traded up 0.9% to $3.187 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.