Investing.com – Gold prices remained above an important psychological $1,200 level as the dollar edged lower, while copper came under renewed selling pressure.
for December delivery on the Comex division of the New York Mercantile Exchange rose by $2.40, or 0.20%, to $1,202.40 per troy ounce.
Gold prices added to their one-week highs notched Tuesday, guided by dollar weakness on the back of weak U.S. existing homes sales and political uncertainty in Washington.
The dollar tricked lower as traders began to question whether President Trump would face scrutiny after his former lawyer implicated him in crimes.
The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.07% to 95.06.
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 raises demand.
The wider metal market traded mixed as renewed U.S.-China talks failed to help copper pare losses, while aluminium continued to advance.
fell 0.72% to $2.68, while rose 1.32% at 2,459.75.
Copper is down 19% from its high of $3.30 in June, just shy of 20% of drop, which would see it return to bear-market territory.
rose 0.38% to 2,069.25, while rose 0.09% to 13,570.50.
fell 0.21% to $14.74 a troy ounce, while rose 0.18% to $794.40.
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Source: Investing.com
