Investing.com – Gold prices remained on course to snap a two-week winning streak as safe-haven demand faded amid easing geopolitical concerns, while continued dollar strength added to downside momentum.
for June delivery on the Comex division of the New York Mercantile Exchange fell by $9.90, or 0.73%, to $1,338.90 a troy ounce.
Gold prices remained close to their session lows of $1,337.10 as the dollar continued to gather momentum boosted by slump in the and , while the ongoing rise in above 2.9% also supported sentiment.
Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.
Falling safe-haven demand, which had supported a strong uptick in the dollar last week continued to ebb as a meeting between U.S. President Donald Trump and Japan Prime Minister concluded without a hitch.
Improving U.S.-North Korea tensions also weighed on safe-haven demand after the
U.S. President Donald Trump said earlier this week that he hoped a summit with North Korean leader Kim Jong Un would be successful.
In other precious metal trade, fell 0.46% to $17.16 a troy ounce, while fell 0.94% to $931.30 an ounce.
rose 0.13% to $3.14.
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Source: Investing.com