Investing.com – Copper prices pared some of their early-week losses, and gold moved off lows Thursday, as a subdued greenback aided gains offsetting some concerns over the threat of a ramp up in the U.S. China trade war.
for December delivery on the Comex division of the New York Mercantile Exchange rose by $3.40, or 0.31%, to $1,205.00 troy ounce.
Gold prices moved off session lows helped by a stuttering dollar, but upside was curbed by expectations that the Federal Reserve will continue to gradually raise rates, with the next hike expected in under three weeks.
The , which measures the greenback against a trade-weighted basket of six major currencies, was flat at 95.07.
In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds.
Gold prices are shaping up to the end week roughly flat, despite rising concerns of an escalating U.S.-China trade war as the yellow metal’s traditional safe-haven status has been overshadowed by rising demand for greenback, owing to expectations the U.S. would far better in trade war.
As traders await confirmation on whether Trump will impose levies on $200 billion more of Chinese imports on Thursday, the wider metals market traded mixed.
rose 0.88% to $2.63, while tacked on 0.97% to 2,439.50.
fell 1.31% to 2,039.50, while lost 0.106% to 12,465.00.
fell 0.18% to $14.20 a troy ounce, while gained 0.88% to $791.20.
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Source: Investing.com
