Investing.com – Gold prices rose on Thursday as uncertainty over the trade talks between the U.S. and China supported gold’s safe-haven demand.
for June delivery on the Comex division of the New York Mercantile Exchange was up $5.5, or 0.4%, to $1,295.1 a troy ounce by 12:50AM ET (04:50 GMT).
Meanwhile, the dollar fell after the latest Federal Reserve meeting hinted at a dovish approach to rate hikes later this year. The Federal Reserve meeting on Wednesday indicated central bankers are happy to let inflation run above the 2% target for a “temporary period”, signaling no rush to tighten monetary policy.
The that tracks the greenback against a basket of six major currencies last stood at 93.84, down 0.07%. On Wednesday night, the greenback climbed above the 94 level for the first time this year, reaching 94.10.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.
In other precious metal trade, added 0.4% to $16.465 a troy ounce, and gained 0.5% to $907.5 an ounce.
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.
Source: Investing.com