Metal Prices Higher; Gold Gives Up Some Gains as Dollar Rebounds

Investing.com – Gold prices traded higher Monday, but remained under pressure as the dollar turned positive, while other metals added to recent gains.

for August delivery on the Comex division of the New York Mercantile Exchange rose by $3.40, or 0.27%, to $1,259.20 a troy ounce, after hitting an intraday high of $1,266.90

The dollar was set to close negative but a reversal in the following UK Foreign Secretary Boris Johnson resignation from government, forced the greenback higher, pressuring gold prices to retreat from intraday highs.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.18% to 93.93.

Dollar-denominated assets such as gold are sensitive to moves in the dollar. A rise in the dollar makes gold more expensive for holders of foreign currency, reducing demand for the precious metal.

In other metals trade, the lack of further rhetoric on the trade war front – in the wake of U.S. tariffs on select downstream steel and aluminum products from China that came into effect Friday – appeared to support a bid in most metals

The Chinese goods subject to a 25% tariff included check valves of iron or steel, brazed aluminum plate-fin heat exchangers and aluminum electrolytic fixed capacitors.

, which rebounded from their lowest last Thursday, rose 1.03% to $2.85, while fell 1.86% to $2,697.75.

The rise in copper prices emerged as some analysts said tit-for-tat tariffs would have a limited impact on copper demand unless the situation escalates to an full-blown global trade war.

rose 1.23% to $2,113.25.

rose 0.35%% to $16.13 a troy ounce, while rose 0.60% to $853.70.

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