Investing.com – Gold prices were set to snap a two-day losing streak after the rally in the dollar paused while renewed geopolitical uncertainty stoked safe-haven demand.
for June delivery on the Comex division of the New York Mercantile Exchange rose by $8.50 or 0.65%, to $1,314.10 a troy ounce. The precious metal rose from an intraday low of $1,305.20.
Gold prices found their footing for the first time in three days as investors took profits on the recent dollar rally ahead of a nonfarm payrolls report due Friday, expected to show the U.S. economy created jobs in April.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand for the precious metal.
Renewed demand for gold emerged as investors fretted the outcome of U.S.-China trade talks after a U.S. financial delegation, including Treasury Secretary Steven Mnuchin arrived in Beijing.
The uptick in gold was also helped by a less hawkish than expected Federal Reserve monetary policy statement Wednesday. The Fed stuck to its usual narrative of “gradual” rate hikes despite acknowledging that inflation was inching close to its target of 2%.
In other precious metal trade, rose 0.70% to $16.50 a troy ounce, while gained 1.31% to $905.50 an ounce.
rose 0.90% to $3.10
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Source: Investing.com
