Investing.com – Gold prices were slightly higher on Wednesday as the dollar softened following the latest trade news.
for December delivery gained 0.5% to $1,208.70 per troy ounce at 2:00AM ET (06:00 GMT) on the Comex division of the New York Mercantile Exchange.
Gold prices were under pressure since beginning of the year and fell 12% since April amid rising interest rates and intensifying U.S.-China trade dispute.
“For the short and medium-term, gold is likely to trade range bound between $1,190-$1,210. There is some physical demand in Shanghai and Hong Kong,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong
The , which tracks the greenback against a basket of other currencies, was down 0.07% at 94.16. The dollar slipped after Beijing announced on Tuesday retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion. The new tariffs would take effect on Sep 24, China’s Ministry of Finance said in a statement. The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S., according to reports.
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Source: Investing.com
